Deduction u/s 80P(2)(a)(i)/ 80P(2)(d) not available on common interest earned from investment in co-operative banks

Sangam Coop. Credit Society Ltd. Vs Assessing Officer (ITAT Bangalore)

ITAT Bangalore held that common interest earned from investment in co-operative banks is not eligble for deduction u/s 80P(2)(a)(i) or 80P(2)(d) of the Income Tax Act.

Facts- The assessee is a credit co-op. society registered with Karnataka Co-op. Societies Act, 1959 and providing credit facilities to its members and accepting deposits from its members. On the total investments of Rs.4,22,40,864 in fixe

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