80P(2)(a)(i) deduction eligible on interest earned by co-operative society from deposits with co-operative banks

Shree Mahaveer Dhamani Vikas Society Limited Vs ITO (ITAT Pune) ITAT Pune held that interest income earned by cooperative society on deposits made out of surplus funds with cooperative banks qualifies for deduction under the provisions of section 80P(2)(a)(i). Accordingly, appeal of assessee allowed. Facts- Assessee is a Primary Agricultural Co-operative Credit Society. Assessee had filed Return of Income electronically declaring total income of Rs.1,89,560/- after claiming deduction u/s. 80P(2)(a)(i) of Rs.36,08,160/-. The Assessee’s case was selected for scrutiny. AO disallowed Assessee’...