https://www.taxtmi.com/caselaws?id=456990 ITAT Mumbai allowed assessee's appeal regarding deduction under section 80P. The tribunal held that interest income received from deposits with Co-operative Banks is eligible for deduction under section 80P(2)(d). Lower authorities had denied the deduction claiming such interest was not eligible under the provision. The tribunal relied on consistent coordinate bench decisions supporting deductibility of interest from Co-operative Bank deposits. The assessee had placed surplus funds in various Co-operative Bank deposits and claimed the resulting interest income as deduction while filing returns. en-us Fri, 21 Jun 2024 00:00:00 +0530 Thu, 29 Aug 2024 21:49:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456990 ITAT Mumbai allowed assessee's appeal regarding deduction under section 80P. The tribunal held that interest income received from deposits with Co-operative Banks is eligible for deduction under section 80P(2)(d). Lower authorities had denied the deduction claiming such interest was not eligible under the provision. The tribunal relied on consistent coordinate bench decisions supporting deductibility of interest from Co-operative Bank deposits. The assessee had placed surplus funds in various Co-operative Bank deposits and claimed the resulting interest income as deduction while filing returns. Case-Laws Income Tax Fri, 21 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456990