Section 80P(2)(d) Deduction Allowed on Interest from Cooperative Banks: ITAT Amritsar

Dalla Co-op. Agri Multipurpose Society Ltd. Vs ITO (ITAT Amritsar) The ITAT Amritsar adjudicated an appeal filed by a cooperative society against the order of the Commissioner of Income Tax (Appeals), which had upheld disallowance of deduction under Section 80P(2)(d) of the Income Tax Act in respect of interest income earned from investments in cooperative banks. The appeal was filed with a delay of 90 days, which was condoned by the Tribunal in the interest of justice, though a token cost of ₹5,000 was imposed due to negligence on the part of the assessee and its counsel. The assessee, an a...