Deduction u/s 80P(2)(d) available to co-operative society towards interest earned from co-operative banks

University of Agricultural Vs ACIT (ITAT Bangalore) ITAT Bangalore held that assessee, being a employees housing co-operative society, is eligible for deduction u/s 80P(2)(d) in respect of interest earned from co-operative banks. Facts- Assessee is an employees housing co-operative society having objects exclusively of providing housing, residential sites, house or loans for construction of house to members. AO noted that assessee is covered by the provisions of Karnataka Co-operative Society Act, 1959 and was having 1690 regular members, 141 associate members and 1 nominal member. AO noted th...