Interest on investment with banks eligible for Section 80P(2)(a)(i) deduction: ITAT Pune

Abhinandan Gramin Bigar Sheti SAhakari Patsanstha Maryadit Kumbhoj Vs ITO (ITAT Pune) In the matter abovementioned ITAT Pune after relying upon the decision of jurisdictional HC held that assessee was eligible for deduction u/sec.80P(2)(a) (i) on the Interest earned by assessee. Assessee is a Co-operative Society filed its return of income at nil, after claiming deduction u/sec.80P(2)(a)(i) amounting to Rs.48,49,669/-. Assessee  made investment in various co-operative banks and earned interest of Rs.38,81,431/- which was claimed u/s 80P(2)(a)(i). The said deduction was disallowed by AO who he...