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| The Tax Publishers2020 TaxPub(DT) 1873 (Mum-Trib) INCOME TAX ACT, 1961
Section 80P
Co-operative bank is a cooperative society and any interest income accruing to co-operative society is eligible for deduction under section 80P(2)(d).
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Deduction under section 80P - Allowability - Interest income accruing to co-operative bank - Co-operative bank whether to be construed as co-operative society
Interest received from the co-operative bank was disallowed holding that deduction under section 80P(2)(d) was not available to assessee, a Co-operative Bank Ltd. because it was not a cooperative society. Held: In instant case issue was settled by various judicial forums, wherein it was held that cooperative bank is a cooperative society and any interest income accruing to cooperative society is eligible for deduction under section 80P(2)(d).
Followed:Lands End Co-operative Housing Society Ltd. [ITA No. 3566/Mum/2014] [15-1-2016]
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
IN THE ITAT, MUMBAI BENCH
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