Interest earned by co-operative society on investment with co-operative bank deductible u/s 80P(2)(d)

Advertisement Totgars’ Co-operative Sale Society Ltd Vs ACIT (ITAT Bangalore) ITAT Bangalore held that the interest income earned by a cooperative society on its investments held with a cooperative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Income Tax Act. Facts- The assessee is a cooperative society and is carrying on the activities of marketing agricultural produce grown by the members and providing credit facilities to the members by advancing loans to them. The appellant has preferred the present appeal contending that CIT(A) has erred in confirming actio...