Section 80P(2)(d) Deduction on Cooperative Bank Interest Allowed: ITAT Pune

Bhairavnath Multi State Co.op. Credit Society Limited Vs ITO (ITAT Pune) The ITAT Pune considered whether a cooperative credit society was entitled to deduction under Section 80P(2)(d) of the Income-tax Act, 1961 on interest income of ₹3,87,34,866 earned from investments with Cooperative Banks and Cooperative Societies for AY 2020-21. The Assessing Officer denied the deduction, and the CIT(A) affirmed the disallowance. Before the Tribunal, the assessee submitted that the issue had already been decided in its own favour for AY 2014-15 and that consistent decisions of the Tribunal had held int...