Section 80P(2)(d) Deduction Allowed on Interest & Dividend From Co-op Banks: ITAT Delhi

National Federation of Cooperative Sugar Factories Limited Vs ITO (ITAT Delhi) The appeals before the ITAT Delhi arose from separate orders of the National Faceless Appeal Centre (NFAC) for Assessment Years 2017-18, 2018-19 and 2020-21 involving an identical issue relating to deduction under Section 80P(2)(d) of the Income-tax Act, 1961. The assessee, a co-operative society, had claimed deduction on interest earned from fixed deposits with Delhi State Cooperative Bank Ltd. and Saraswati Cooperative Bank Ltd., along with interest received from employees. The Assessing Officer disallowed the ded...