Interest Income received from Co-Operative Bank is eligible deduction u/s 80(2)(d) of Income Tax Act: ITAT [Read Order]

According to the Mumbai bench of the Income Tax Appellate Tribunal (ITAT), interest income from cooperative banks is deductible under section 80(2)(d) Income Tax Act of 1961

By Aparna. M - On December 28, 2023 8:00 pm - 2 mins read

Interest Income received from Co-Operative Bank is eligible deduction - Income Tax Act ITAT - TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Mumbai bench held that interest income received from cooperative banks is eligible for a claim of deduction under section 80(2)(d) of the Income Tax Act, 1961. The assessee, Chetak Co-Operative Housing Society Ltd, is a cooperative housing society registered under the Maharashtra Society Act, 1960. The assessee filed the…

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