Co-op Society cannot claim Section 80P(2)(d) deduction on interest from Regional Rural Bank deposits

Vidhyut Board Credit & Consumers Co-operative Society Limited Vs ACIT (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, delivered a ruling in the case of Vidhyut Board Credit & Consumers Co-operative Society Limited regarding its eligibility for deductions under Section 80P of the Income Tax Act, 1961, on interest income earned from bank deposits. The main issue was whether a Co-operative Society can claim a deduction on interest earned from fixed deposits held with a Regional Rural Bank (RRB) and a State Bank of India (SBI) branch. Factual Matrix and Lower Au...