Section 80P(2)(d) Deduction Allowed Because Co-op Bank Is Also a Co-op Society

Vihan Vibhag Credit Co-operative Society Ltd. Vs ITO (ITAT Surat) The Income Tax Appellate Tribunal, Surat allowed the appeal of a co-operative credit society and held that interest income earned from investments made with a co-operative bank is eligible for deduction under Section 80P(2)(d) of the Income-tax Act, 1961. The appeal arose from an order of the Commissioner of Income Tax (Appeals), NFAC, which had upheld the Assessing Officer’s disallowance of deduction under Section 80P(2)(d) for Assessment Year 2017-18. The assessee, a registered co-operative society engaged in providing credi...