INCOME TAX ACT, 1961

Section 80P(2)(d)

Deduction under section 80P(2)(d) - Interest earned on investment held - Eligibility -

Assessee had earned interest income on the deposits held with a Co-operative Bank. Claim of deduction was denied by AO by assessee for interest income earned from Co-operative Bank on the ground that the same was not a Co-operative Society. Held: Following Kaliandas Udyog Bhavan Premises Cooperative Society Ltd. case, it was held that the interest earned on investments held with the Co-operative Banks would be eligible for deduction under section 80P(2)(d).

Followed:M/s. The Veer Cooperative Group Housing Society Limited v. ITO (2018) 67 ITR (Trib) 268 (Del) : 2018 TaxPub(DT) 6110 (Del-Trib) Lady Ratan Tower Cooperative Housing Society Ltd. v. ITO [ITA No.1152/Mum/2018 (Assessment Year 2013-14), dt. 9-8-2018] Kaliandas Udyog Bhavan Premises Co-op Society Ltd. v. ITO [ITA No. 6547/MUM/2017 (Asst. Year: 2014-15), dt. 25-4-2018] Lands End Co-operative Housing Society Ltd. v. ITO [ITA No. 3566/Mum/2014, dt. 15-1-2016] : 2016 TaxPub(DT) 2383 (Mum-Trib) Bandra Shiv Samruddhi Co. v. ACIT [ITA No.1073/M/2012, dt. 19-4-2013]

REFERRED :

FAVOUR : In assessee's favour

A.Y. :

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