Denial of S.80P(2)(d) Deduction on Interest Income: ITAT Grants Deduction for Cooperative Banks and Savings Accounts [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) grants deduction under section 80P(2)(d) of Income Tax Act, 1961 on interest income from cooperative banks and savings accounts, overturning the denial by the Assessing Officer (AO) for the Assessment Years 2016-17, 2017-18, and 2018-19.  Capital Co-operative Thrift and Credit Society, appellant-assessee, appealed against the order…