https://www.taxtmi.com/caselaws?id=754334 ITAT Mumbai allowed deduction u/s 80P(2)(d) to a Co-operative Housing Society for interest income from Co-operative Banks. The AO denied the deduction arguing Co-operative Banks cannot be considered Co-operative Societies. ITAT held that section 80P(4) exclusion applies only when Co-operative Banks themselves claim deduction, not when other societies earn interest from Co-operative Banks. Relying on SC precedent in Mavilayi Service Co-operative Bank Ltd., ITAT distinguished that all Co-operative Banks are Co-operative Societies but not vice versa. The tribunal also allowed fresh claims for interest income credited to Repair and Maintenance Fund and Sinking Fund, citing Goetz India Ltd. and Pruthvi Brokers precedents that appellate authorities can entertain claims not made in original returns. en-us Wed, 19 Jun 2024 00:00:00 +0530 Thu, 20 Jun 2024 15:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754334 ITAT Mumbai allowed deduction u/s 80P(2)(d) to a Co-operative Housing Society for interest income from Co-operative Banks. The AO denied the deduction arguing Co-operative Banks cannot be considered Co-operative Societies. ITAT held that section 80P(4) exclusion applies only when Co-operative Banks themselves claim deduction, not when other societies earn interest from Co-operative Banks. Relying on SC precedent in Mavilayi Service Co-operative Bank Ltd., ITAT distinguished that all Co-operative Banks are Co-operative Societies but not vice versa. The tribunal also allowed fresh claims for interest income credited to Repair and Maintenance Fund and Sinking Fund, citing Goetz India Ltd. and Pruthvi Brokers precedents that appellate authorities can entertain claims not made in original returns. Case-Laws Income Tax Wed, 19 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754334