Interest received from co-operative society/bank is deductible u/s. 80P(2)(d): ITAT Bangalore

Prathamika Krushi Pathina Sahakara Sangha Niyamitha Nelaji Vs ITO (ITAT Bangalore) ITAT Bangalore held that interest income received from co-operative society or co-operative banks is eligible for deduction under section 80P(2)(d) of the Income Tax Act. Accordingly, matter restored to AO to examine the source of interest income. Facts- Assessee is a primary agricultural credit co-operative society registered under the Karnataka Co-operative Societies Act, 1959. It is engaged in the business of providing credit facilities to its members. For the Assessment Year 2021-22, the return of income was...