https://www.taxtmi.com/caselaws?id=759706 ITAT Mumbai allowed assessee's appeal regarding deduction u/s 80P(2)(d) for interest income from cooperative bank deposits. CIT(A) had upheld AO's disallowance, incorrectly finding no claim was made and that cooperative banks don't qualify as cooperative societies. ITAT found the claim was properly made in return and relied on SC precedent in Mavilayi Service Co-op Bank Ltd establishing that cooperative banks are eligible for deduction unless they hold RBI license and operate as commercial banks. Lower authorities failed to examine the specific cooperative bank's eligibility criteria, and coordinate benches had previously allowed similar deductions. en-us Tue, 24 Sep 2024 00:00:00 +0530 Sat, 05 Oct 2024 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759706 ITAT Mumbai allowed assessee's appeal regarding deduction u/s 80P(2)(d) for interest income from cooperative bank deposits. CIT(A) had upheld AO's disallowance, incorrectly finding no claim was made and that cooperative banks don't qualify as cooperative societies. ITAT found the claim was properly made in return and relied on SC precedent in Mavilayi Service Co-op Bank Ltd establishing that cooperative banks are eligible for deduction unless they hold RBI license and operate as commercial banks. Lower authorities failed to examine the specific cooperative bank's eligibility criteria, and coordinate benches had previously allowed similar deductions. Case-Laws Income Tax Tue, 24 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759706