Interest Income from Investment in Cooperative Banks by Cooperative Societies Eligible for Deduction u/s 80P(2)(d): ITAT [Read Order]

By Fathima Karama A.M - On May 30, 2023 5:30 pm - 2 mins read
Interest Income from Investment - Interest Income - Cooperative Banks - Cooperative Societies - Deduction - ITAT - Cooperative Societies Eligible for Deduction - taxscan

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the interest income received by cooperative societies from investment made in the cooperative banks are eligible for deduction under Section 80P(2)(d) of the Income Tax Act. Assessee Premium Tower Cooperative Housing Society Ltd was a co-operative housing society that collected contributions from its…

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