Interest/dividend from Co-Op Bank eligible for section 80P deduction

Indian Bank Employees Cooperative Credit Society Limited Vs ITO (ITAT Mumbai) Brief facts are that the assessee is The Indian Bank Employees Cooperative Credit Society Limited. On perusal of the profit and loss account and the computation of income, the Assessing Officer observed that the assessee has offered net income from business and profession at Rs. 40,31,437/- being interest receipts/dividend from Cooperative Bank and deduction under section 80P of Rs. 40,31,427/- is claimed against said income from business and profession during F.Y. 2016-17. The Assessing Officer was not satisfied wit...