Deduction u/s. 80P eligible to cooperative society on interest received from investment in banks

Lankapalli PACS Ltd Vs ITO (ITAT Visakhapatnam) ITAT Visakhapatnam held that the cooperative society is eligible for deduction U/s. 80P(2)(a)(i) of the Income Tax Act on the interest income received from investment in banks. Thus, appeal allowed. Facts- The assessee is a Primary Agricultural Cooperative Society engaged in the activity of providing credit facilities to its members. As per the information available with the Department, the Ld. AO observed that during the previous year under consideration, the assessee had earned an interest income of Rs. 1,28,27,351/- out of which Rs. 22,77,972/...