Section 80P Deduction eligible on Bonus in the nature of dividend by KMF to Co-op Society

The Mysore District Co-operative Milk Producers Society Union Ltd. Vs ACIT (ITAT Bangalore) The issue under consideration is whether the deduction u/s 80P is allowed against the bonus received by the Co-operative Society from M/s. Karnataka Co-operative Milk Producers’ Federation (KMF)? ITAT states that as per section 80p(2)(d) the dividend and interest received by a society from its investment in any other society is eligible for deduction under section 80p(2)(d) of the Act and this is the stand of the AO and the CIT(A) that out of the dividend received by the assessee from KMF is eligible ...