Deduction u/s 80P(2)(d) was denied through intimation u/s 143(1)...

Deduction u/s 80P(2)(d) was denied through intimation u/s 143(1) on interest income earned by the assessee from cooperative banks. The Tribunal held that neither the assessee's claim u/s 80P was inconsistent with another entry nor did the deduction exceed the statutory limit, making it an allowable claim. Disallowance of deduction u/s 80P(2)(d) is not permitted u/s 143(1). On merits, the interest was earned from cooperative banks, which are cooperative societies registered under relevant laws and engaged in banking business. The assessee satisfied all conditions u/s 80P(2)(d) for deduction on interest income from cooperative banks. The Tribunal decided in favor of the assessee.