Deduction u/s. 80P(2)(d) available to co-op society for funds deposited in co-op banks: ITAT Ahmedabad

Sumel 6 Commercial Co-op. Service Society Limited Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that co-operative society is entitled for deduction under section 80P(2)(d) of the Income Tax Act for funds deposited in co-operative banks. Accordingly, action of AO set aside. Facts- The assessee is a Co-operative Service Society Limited. AO observed that the assessee was in receipt of interest income from Time Deposit obtained from the Kalupur Commercial Co-operative Bank Limited and Kankaria Maninagar Nagrik Sahakari Bank Limited amounting to Rs.1,01,92,937/-. The assessee claimed this amount as d...