Interest from Cooperative Bank Deposits Eligible for Deduction u/s. 80P(2)(d): ITAT

Dnyaneshwar More Bigarsheti Gramin Pat Puravatha Sahakari Sanstha Ltd. Vs ITO (ITAT Pune) Assessee is a Cooperative Credit Society and engaged in the activity of accepting deposits from its members and providing credit facilities to them. The assessee filed return for AY 2017-18 declaring Nil income after claiming deduction under Chapter VIA at Rs.13,48,854/- while claiming business loss at Rs.3,56,511/-. Case was selected for scrutiny. AO noticed that the assessee earned interest income of Rs.17,05,365/- on investment with Cooperative Banks, which in his opinion does not quality for deduction...