Deduction u/s 80P(2) available to co-operative society on interest received from investment in banks

ITO Vs Yendagandhi Large Sized Co-operative Society Ltd. (ITAT Visakhapatnam) ITAT Visakhapatnam held that 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. Facts- The assessee, a primary agricultural cooperative credit society engaged in the business of providing credit facilities, supply of agricultural inputs and consumer goods to it’s members filed it’s return of income admitting “Nil” income, after claiming a deduction of Rs. 2,91,39,357 u/s. 80P(2). The return was processed u/s. 143(1). ...