Deduction u/s 80P(2)(a)(i)/ 80P(2)(d) not available on common interest earned from investment in co-operative banks

Sangam Coop. Credit Society Ltd. Vs Assessing Officer (ITAT Bangalore) ITAT Bangalore held that common interest earned from investment in co-operative banks is not eligble for deduction u/s 80P(2)(a)(i) or 80P(2)(d) of the Income Tax Act. Facts- The assessee is a credit co-op. society registered with Karnataka Co-op. Societies Act, 1959 and providing credit facilities to its members and accepting deposits from its members. On the total investments of Rs.4,22,40,864 in fixed deposits, the assessee received interest of Rs.36,35,296 to which the AO has not allowed deduction u/s. 80P(2)(a)(i) or 8...