Deduction u/s. 80P(2)(d) towards interest from co-operative bank allowed: Gujarat HC

PCIT Vs Rajkot Lodhika Sahakari Kharid Vechan Sangh Ltd (Gujarat High Court) Gujarat High Court held that interest from co-operative bank is eligible for deduction under section 80P(2)(d) of the Income Tax Act as Cooperative bank is a Cooperative society registered under the Gujarat State Cooperative Societies Act. Accordingly, appeal of revenue dismissed. Facts- The respondent assessee is a registered Cooperative Society and engaged in business of supply of fertilizer, seeds, equipments, etc. to its members. AO completed the scrutiny assessment by making disallowance of deduction of Rs. 71,38...