U/s 80P(2)(d) deduction on interest restored to AO – Delay overlooked in interest of justice; verification directed as per SC ruling – ITAT Mumbai

Ambika Co-operative Housing Society Limited Vs ITO (ITAT Mumbai) In Ambika Co-operative Housing Society Ltd. vs ITO (A.Y. 2020-21), deduction u/s 80P(2)(d) on interest from fixed deposits was disallowed and the appeal before CIT(A) was rejected due to delay of 1080 days. The assessee explained that delay occurred due to change in management and pursuit of rectification proceedings u/s 154. The ITAT noted that the issue of deduction u/s 80P(2)(d) is largely settled in light of the Supreme Court decision in Kerala State Cooperative Agricultural & Rural Development Bank. In the interest of ju...