Interest from co-operative society and not co-operative bank is eligible for deduction u/s. 80P(2)(d): ITAT Bangalore

Vividhoddesha Prathamika Grameena Krashi Sahakara Sangha Niyamita Vs ITO (ITAT Bangalore) ITAT Bangalore held that interest/ dividend from co-operative society is eligible for deduction u/s. 80P(2)(d) of the Income Tax Act. However, if payer bank is co-operative bank then deduction u/s. 80P(2)(d) is not available. Facts- The assessee is a primary agricultural cooperative society registered on 27.4.1979 under the Karnataka Co-operative Societies Act, 1959. The assessee field return of income declaring Nil income and claimed amount of Rs.27,28,085 as deduction u/s. 80P of the Act. The case was s...