Interest received on FDR with another cooperative society is deductible u/s 80P(2)(d)

Urapar Coop. Agri. Service Society Ltd Vs ACIT (ITAT Amritsar) ITAT Amritsar held that interest on FDR’s received by co-operative society by investing in another co-operative society is eligible for deduction under section 80P(2)(d) of the Income Tax Act. Facts- The assessee is a co-operative agricultural service society dealing in the business of providing credit facility to its members and it is formed for the purposes of development of agriculture. During A.Y. 2017-18, the assessee deposited its reserve funds with The Nawanshahr Central Co-operative Bank Ltd in the shape of FDR and Saving...