Income from fixed Deposits of co-operative banks are eligible for Deduction u/s 80P(2)(d) of Income Tax Act: ITAT [Read Order]

In a significant case the Mumbai Bench of ITAT ruled that income from the fixed deposit of cooperative banks are eligible for deduction under Section 80P(2)(d) of Income Tax Act, 1961
By Aparna. M - On March 23, 2024 3:02 pm - 2 mins read
ITAT - ITAT Mumbai - Income Tax - Fixed Deposits - Income Tax Deduction - taxscan

The Mumbai bench Income Tax Appellate Tribunal ( ITAT ) held that income from the fixed deposit of cooperative banks are eligible for deduction under Section 80P(2)(d) of Income Tax Act, 1961. In this case the Assessee, Reserve Bank Staff and Officers co-op credit society Ltd. case was selected for scrutiny after filing the return…

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