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 –

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