Interest from co-operative bank eligible for deduction u/s. 80P(2)(d): ITAT Kolkata

DCIT Vs Bongaon Co Operative Credit Society Limited (ITAT Kolkata) ITAT Kolkata held that CIT(A) rightly allowed interest earned from a co-operative bank as eligible for deduction under section 80P(2)(d) of the Income Tax Act. Accordingly, appeal filed by revenue dismissed. Facts- AO essentially made two additions on account of interest income received (Rs. 35,63,552/-) and as unexplained cash credit on account of sums deposited in cash by the appellant during the demonetisation period (Rs. 1,25,19,600/-). CIT(A) deleted the addition on account of unexplained cash credit and granted partial re...