Deduction u/s 80P(2)(d) Confined to Co-operative Bank Deposits, RRB Interest Treated Separately with Expense Adjustment u/s 57(iii): ITAT

The ITAT has ruled that a "deduction under Section 80P(2)(d) is confined to co-operative bank deposits," and that "RRB interest is treated separately with an expense adjustment under Section 57(iii)." This decision provides a crucial victory for the taxpayer, acknowledging that not all cash deposits during the demonetization period were from unexplained sources. The ruling, a significant victory for the company, reinforces the principle of legal certainty and predictability in tax matters.