Interest from Co-operative Banks Eligible for Section 80P(2)(d): ITAT Remands for Limited Verification

Amrapur Vikas Seva Vs ITO (ITAT Pune) The Pune Bench (SMC) of the ITAT held that interest income earned by a co-operative credit society from investments with co-operative banks / co-operative societies is eligible for deduction under section 80P(2)(d), and remanded the matter to the Assessing Officer for limited factual verification. The assessee, a primary agricultural credit society, had claimed deduction u/s 80P(2)(d) on interest income earned from investments with the Kolhapur District Central Co-operative Bank and other co-operative entities. The Assessing Officer disallowed the deductio...