Interest from co-operative bank eligible for deduction u/s. 80P: ITAT Nagpur

Coal Mines Workers Credit Co–operative Society Ltd. Vs ITO (ITAT Nagpur) ITAT Nagpur held that interest income earned by co-operative society from its investments made with other co-operative bank is eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act. Accordingly, appeal of the assessee allowed. Facts- The present appeal is preferred by the assessee mostly contesting that CIT(A) was not justified in affirming the order passed by the Assessing Officer by disallowing the deduction claimed by the assessee Co– operative Society under section 80P(2)(a)(i) of the Income Tax ...