ITAT Allows Section 80P Deduction on Co-op Bank Interest, Not RRB

Ashapura Co-op. Credit Society Ltd. Vs DCIT (ITAT Ahmedabad) Deduction u/s 80P(2)(d) Allowed on Co-op Bank Deposits – Interest from RRB Not Eligible but Proportionate Deduction u/s 57 Directed: ITAT Ahmedabad Ahmedabad   Tribunal  partly allowed appeal by holding that interest earned from deposits with co-operative banks qualifies for deduction u/s 80P(2)(d), while interest from Regional Rural Banks (RRB) does not, but proportionate expenditure against such RRB interest is deductible u/s 57(iii). Assessee, a co-operative credit society, filed return declaring income of Rs. 140 after claim...