CLOVER EVEREST WORLD CO-OPERATIVE HOUSING SOCIETY LIMITED ,THANE vs. ITO, WARD 1(1), THANE , THANE

ITA 6376/MUM/2025Status: DisposedITAT Mumbai12 December 2025AY 2021-22Bench: SHRI VIKRAM SINGH YADAV (Accountant Member), SHRI RAHUL CHAUDHARY (Judicial Member)10 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee satisfied both conditions for deduction under Section 80P(2)(d) as the income was by way of interest from investments with other co-operative societies. The Tribunal followed various judicial precedents supporting this view.

What were the facts?

The assessee, a co-operative society, claimed exemption under Section 80P(2)(d) for interest income earned on deposits with co-operative banks. The Assessing Officer (AO) denied this claim, and the CIT(A) upheld the denial. The assessee appealed to the ITAT.

What were the issues?

Whether interest income earned by a co-operative society on deposits made with co-operative banks is eligible for deduction under Section 80P(2)(d) of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 80P(2)(d)

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Income Tax Appellate Tribunal, MUMBAI “SMC” BENCH: MUMBAI

Before: SHRI VIKRAM SINGH YADAV & SHRI RAHUL CHAUDHARY

PER VIKRAM SINGH YADAV, A.M : This is an appeal filed by the assessee against the order of the Ld. ADDL/JCIT(A)-2, Visakhapatnam, dated 25-08-2025, pertaining to Assessment Year (AY) 2021-22. 2. The limited issue for consideration in the present matter relates to claim of exemption u/s 80P(2)(d) of the Act by the assessee co-operative society in respect of interest income earned on deposits placed with co-operative banks.

2

3.

Briefly the facts of the case are that assessee is a co-operative society. It filed its return of income for the ye

The order continues below.

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