Deduction u/s 80P(2)(d) available to cooperative society in respect of dividend received on shares of cooperative banks

Gramin Sewa Sahakari Samiti Maryadit Vs ITO (ITAT Raipur) ITAT Raipur held that cooperative society is entitled for claiming deduction u/s. 80P(2)(d) of the Income Tax Act in respect of dividend received on shares of cooperative banks. Facts- The assessee is a Primary Agricultural Co-operative Society engaged in carrying out business of banking, paddy procurement, sale of fertilizers, seeds, manures, and pesticides and of control items under Public Distribution System. During the course of assessment proceedings, it was noticed that the assessee has failed to get its accounts audited within th...