Interest earned by banking co-op society deductible u/s 80P(2)(a)(i)

M/s. Chirayinkeezhu Service Co-operative Bank Limited Vs  ITO (ITAT Cochin) Conclusion – Investments made by co-operative societies with co-operative banks in the course of its banking business/providing credit facilities to its members and hence, such income will form part of banking activities of the assessees and same was entitled to deduction under section 80P(2)(a)(i) Facts – Assessee are primary agricultural credit societies. AO denied the deduction claimed u/s 80P contenting that assessee were primarily doing business of banking and in view of insertion of provisions of section 80P...