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

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

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