Deduction u/s 80P(2)(d) available on dividend & interest from investment with co-op bank

Advertisement Rajkot Jilla Co-Op Cotton Marketing Union Ld Vs ITO (ITAT Rajkot) ITAT Rajkot held that dividend income and interest earned on surplus held with cooperative bank would be eligible for deduction under Sec.80P(2)(d) of the Income Tax Act. Facts- The assessee is a registered co-operative society engaged in the business of providing pesticides to its members. During the year under consideration, the assessee earned interest and dividend income from its investment in Rajkot District Co-operative Bank Ltd out of it surplus funds. The AO held that the income is neither exempt under s...