Deduction u/s. 80P(2)(d) allowable on interest earned by Cooperative Society from deposits with Cooperative Bank: ITAT Ahmedabad

Khedbrahma Taluka Primary Teachers Co-operative Credit Society Limited Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad held that interest income earned by the assessee (i.e. Cooperative society) from deposits with Co­operative Banks shall be allowed as deduction u/s 80P(2)(d) of the Income Tax Act.

Facts- The assessee is Co-operative society having filed its return of income on 29.10.2018 declaring Nil Income after claiming deduction u/s 80P to the tune of Rs. 37,16,371/- . The AO issued statutory notices u/s 143(2) and 142(1), during the course of assessment procee

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