Section 80P(2)(d) Deduction Allowed for Interest from Co-operative Bank Deposits

Salestax Employees Co- Operative Credit Society Ltd. Vs ACIT (ITAT Ahmedabad) ITAT Ahmedabad held that interest income earned from deposits with Co­operative Banks shall be allowed as deduction u/s 80P(2)(d) of the Income Tax Act. Facts- The case of the assessee was selected by Revenue for framing limited scrutiny assessment under CASS. Statutory notices u/s. 143(2) and u/s. 142(1) were issued by the AO. During the course of assessment proceedings, the A.O. observed from the perusal of income and expenditure account as well as reply filed by the assessee during the course of assessment procee...