https://www.taxtmi.com/caselaws?id=312575 ITAT Mumbai held that a cooperative housing society was entitled to deduction under section 80P(2) on interest income received from cooperative banks. The tribunal ruled that section 80P(4), which denies deduction to cooperative banks, does not apply to the assessee as it is a housing society and not a cooperative bank. The decision was supported by SC precedent in Kerala State Co-Operative Agricultural Rural Development Bank Ltd case. The tribunal reversed CIT(A)'s order and directed AO to allow the deduction. en-us Wed, 11 Oct 2023 00:00:00 +0530 Mon, 26 Feb 2024 06:13:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312575 ITAT Mumbai held that a cooperative housing society was entitled to deduction under section 80P(2) on interest income received from cooperative banks. The tribunal ruled that section 80P(4), which denies deduction to cooperative banks, does not apply to the assessee as it is a housing society and not a cooperative bank. The decision was supported by SC precedent in Kerala State Co-Operative Agricultural Rural Development Bank Ltd case. The tribunal reversed CIT(A)'s order and directed AO to allow the deduction. Case-Laws Income Tax Wed, 11 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312575