Deduction u/s. 80P(2)(d) available to co-operative society for interest earned from co-operative bank

ACIT Vs Gujarat State Co. Op. Housing Finance Copn Ltd. (ITAT Ahmedabad)

ITAT Ahmedabad held that co-operative society is eligible for deduction under section 80P(2)(d) of the Income Tax Act towards interest income earned from investment in other co-operative bank. Accordingly, deduction allowed and appeal by revenue dismissed.

Facts- During assessment proceedings, AO disallowed the interest income earned by the assessee by way of FD investment in other Co-op. Society, i.e. Gujarat State Co-op. Bank Ltd. (GSCB) and the rental income from HUDCO and SHARK Syst

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