Summary
- The ITAT Pune has ruled that Annapurna Nagari Sahkari Pathsanstha Maryadit Yawal is entitled to a deduction of Rs. 1.63 crore under Section 80P(2)(d) for interest earned from cooperative banks for the Assessment Year 2020-21.
- This decision overturned the earlier ruling by the Commissioner of Income Tax (Appeals), which had disallowed the deduction, claiming lack of participation from the assessee during assessment proceedings.
- The Tribunal emphasized that cooperative banks retain their status as cooperative societies, making their interest income eligible for deductions under Section 80P(2)(d).
- This ruling reinforces a consistent legal precedent and could significantly impact similar cases involving cooperative credit societies and
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