Recently, the Income Tax Appellate Tribunal ( ITAT ) of Mumbai held that Section 80P(4) of the Income Tax Act 1961 (ITA) only excludes Co-operative banks functioning as commercial banks. The case, concerning the assessment year 2020-21, involved the appellant/assessee, Laburnum Mahindra Gardens Co. Op. Housing Limited, a cooperative housing society who claimed a deduction of…
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