ITAT adjudicated a tax dispute regarding deduction u/s 80P(2)(d) ...

Cooperative Housing Societies Can Claim Tax Deduction on Interest from Certain Cooperative Banks Under Section 80P(2)(d)

June 5, 2025

Case Laws Income Tax AT

ITAT adjudicated a tax dispute regarding deduction u/s 80P(2)(d) for interest income from cooperative banks. The tribunal held that a cooperative housing society can claim tax deduction on interest received from cooperative banks, provided such banks do not require RBI licensing under Banking Regulation Act. In absence of specific findings from lower authorities demonstrating the cooperative banks' regulatory status, the tribunal allowed the assessee's appeal and directed the Assessing Officer to delete the contested disallowance, thereby providing a favorable interpretation of the statutory provision for cooperative housing societies' tax treatment.

View Source

← Previous Next →

ITAT adjudicated a tax dispute regarding deduction u/s 80P(2)(d) ...

Cooperative Housing Societies Can Claim Tax Deduction on Interest from Certain Cooperative Banks Under Section 80P(2)(d)

June 5, 2025

Case Laws Income Tax AT

You may also like:

Deductibility of interest income from investments u/s 80P(2)(a)(i) of the Income Tax Act for a primary agricultural credit cooperative society. The key points are: The...

Deduction claimed u/s. 80P(2)(a)(i) - Status showing as AOP and not mentioned as cooperative society - The Tribunal referred to the definition of "person" under section...

Interest income earned by a cooperative society from deposits made with another cooperative bank is eligible for deduction u/s 80P(2)(d) of the Income Tax Act. The...

Denial of deduction claimed u/s 80P (2)(d) - AO disallowed the benefit by invoking the provision of section 154 for rectification of mistake change of opinion - interest...

Deduction u/s 80P - interest income received from parking its surplus funds with Co-operative Bank - interest would be eligible for claim of deduction under section...

Deduction u/s 80P(2)(d) - Interest income earned by the Society comes with the category of income from other sources and Section 80P(2)(d) deals with the eligible...

Deduction of claim u/s. 80P(2)(a)(i) - claim denied on interest - The Assessee being a Primary Agriculture Credit Society is a Co-operative Society. The primary object...

The High Court upheld the Tribunal's decision allowing deduction u/s 80P(2)(d) of the Income Tax Act to the assessee, a cooperative society, on the interest income...

Allowability of deduction u/s 80P(2)(d) for interest income from deposits/investments in a cooperative bank by a cooperative society. The assessee, a cooperative society...

Deduction u/s 80P - deduction of income earned as interest/dividend from co-operative bank is allowable. Section 80P(2)(d) reflects that if income by way of interest or...

Deduction claimed u/sec. 80P(2)(a)(i) - interest income from the investments made in co-operative/scheduled bank(s) - The Tribunal observed that despite the insertion of...

Disallowance of deduction(s) u/s 80P - interest income from the investments made in co-operative/other bank(s) - The tribunal analyzed Sec. 80P(2)(d) and determined that...

ITAT restored matter to AO for re-computation of deduction u/s 80P regarding interest from bank investments. Following precedent in Cooperative Cane Development Union...

Deduction u/s 80P(2)(d) was denied through intimation u/s 143(1) on interest income earned by the assessee from cooperative banks. The Tribunal held that neither the...

Deduction u/s 80P(2)(a)(i) was denied by the Assessing Officer on grounds that the assessee society cannot be termed a mutual concern and principles of mutuality cannot...

Quick Updates: