https://www.taxtmi.com/caselaws?id=754680 ITAT Mumbai held that adjustment denying deduction u/s 80P(2)(d) cannot be made under section 143(1) as the return was filed within due date and no incorrect claim was established by AO. The tribunal ruled that cooperative society assessee is entitled to deduction u/s 80P(2)(d) on interest income from Maharashtra State Cooperative Bank, which qualifies as cooperative society under Maharashtra Cooperative Societies Act. Citing SC precedent in Citizen Cooperative Society Ltd, ITAT emphasized section 80P as benevolent provision requiring liberal interpretation. CIT(A) order reversed, AO directed to grant deduction. Decided in favor of assessee. en-us Mon, 24 Jun 2024 00:00:00 +0530 Thu, 27 Jun 2024 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754680 ITAT Mumbai held that adjustment denying deduction u/s 80P(2)(d) cannot be made under section 143(1) as the return was filed within due date and no incorrect claim was established by AO. The tribunal ruled that cooperative society assessee is entitled to deduction u/s 80P(2)(d) on interest income from Maharashtra State Cooperative Bank, which qualifies as cooperative society under Maharashtra Cooperative Societies Act. Citing SC precedent in Citizen Cooperative Society Ltd, ITAT emphasized section 80P as benevolent provision requiring liberal interpretation. CIT(A) order reversed, AO directed to grant deduction. Decided in favor of assessee. Case-Laws Income Tax Mon, 24 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754680