No Section 80P(2)(d) deduction on Co-Op bank interest: ITAT Bangalore

Gangadhareshwara Souharda Pattina Sahakari Sangha Ni Gangavathi Vs ITO (ITAT Bangalore) Section 80P(2)(d) not eligible on interest on surplus funds deposited with Co-Op banks by cooperative society: ITAT Bangalore In the case of Gangadhareshwara Souharda Pattina Sahakari Sangha Ni Gangavathi Vs ITO, the Income Tax Appellate Tribunal (ITAT) Bangalore ruled that cooperative societies cannot claim deductions under Section 80P(2)(d) of the Income Tax Act for interest earned from surplus funds deposited with cooperative banks. The case revolved around the assessment year 2014–15 and examined whe...