GRANT ROAD (W) OMKAR CO-OPERATIVE HOUSING SOC LIMITED,MUMBAI vs. ITO 19(1)(1), MUMBAI

ITA 259/MUM/2026Status: DisposedITAT Mumbai05 March 2026AY 2020-21Bench: SHRI VIKRAM SINGH YADAV (Accountant Member), SHRI SANDEEP SINGH KARHAIL (Judicial Member)8 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that interest income earned by a co-operative society from its investments in co-operative banks is eligible for deduction under Section 80P(2)(d). The conditions for this deduction are met as the assessee is a co-operative society and the investments were made with other co-operative banks.

What were the facts?

The assessee, a co-operative housing society, claimed exemption under Section 80P(2)(d) for interest income earned on deposits with co-operative banks. The AO and CIT(A) denied this claim.

What were the issues?

Whether interest income earned by a co-operative housing society on deposits 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 “H-SMC” BENCH: MUMBAI

Before: SHRI VIKRAM SINGH YADAV & SHRI SANDEEP SINGH KARHAIL

PER VIKRAM SINGH YADAV, A.M : These are two appeals filed by the assessee against the respective orders of the Ld.ADDL/JCIT(A)-1, Jaipur, dated 31-12-2025, pertaining to Assessment Years (AYs.) 2020-21 & 2021-22. Since common issue is involved, both these appeals were heard together and are being disposed-off by this common order.

2.

With the consent of both the parties, the appeal in ITA No. 259/Mum/2026 (AY. 2020-21) was taken as the lead case for the sake of convenience and discussion. The limited issue for consideration in the present matter relate to claim of exemption u/s 80P(2)(d) of the

The order continues below.

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