https://www.taxtmi.com/caselaws?id=766105 ITAT Mumbai allowed the appeal of a co-operative housing society regarding deductions under section 80P. The tribunal held that interest income from co-operative bank investments qualifies for deduction under section 80P(2)(d), following the precedent in Pathare Prabhu Co-operative Housing Society. Additionally, the society was entitled to standard deduction of Rs. 50,000 under section 80P(2)(c) as it engaged in activities other than those specified in clauses (a) or (b). The AO was directed to grant both deductions, and the impugned order was set aside. en-us Fri, 14 Feb 2025 00:00:00 +0530 Tue, 18 Feb 2025 08:10:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766105 ITAT Mumbai allowed the appeal of a co-operative housing society regarding deductions under section 80P. The tribunal held that interest income from co-operative bank investments qualifies for deduction under section 80P(2)(d), following the precedent in Pathare Prabhu Co-operative Housing Society. Additionally, the society was entitled to standard deduction of Rs. 50,000 under section 80P(2)(c) as it engaged in activities other than those specified in clauses (a) or (b). The AO was directed to grant both deductions, and the impugned order was set aside. Case-Laws Income Tax Fri, 14 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766105