No Section 80P(2)(d) deduction on interest income from nationalized bank

Navbharat Urban Co-operative Credit Society Ltd. Vs ITO (ITAT Mumbai) ITAT Mumbai Rules on Navbharat Urban Co-operative Credit Society’s Appeal: The Income Tax Appellate Tribunal (ITAT) Mumbai dismissed the appeals of Navbharat Urban Co-operative Credit Society Ltd. for Assessment Years 2014-15 and 2015-16. The dispute centered on the disallowance of deductions claimed under Section 80P(2)(d) of the Income Tax Act. The Assessing Officer (AO) classified interest income from fixed deposits with State Bank of India and commission income from Maharashtra State Electricity Board (MSEB) as “...