Deduction u/s 80P(2)(d) of Income Tax Allowable to Cooperative Banks Doing Banking Business: ITAT [Read Order]

The Tribunal held that the assessee is entitled to the deduction under Section 80P(2)(d) of the Income Tax Act with respect to the amount of interest income earned from cooperative banks
Deduction us 80P(2)(d) of Income Tax - Cooperative Banks - Banking Business - ITAT - TAXSCAN

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) has allowed the deduction under Section 80P(2)(d) of the Income Tax Act, 1961 to the Grand Paradi Co-op Housing Society and held that cooperative banks are cooperative societies that are doing banking business. Grand Paradi Co-op Housing, the appellant/assessee is a cooperative in society…

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