Revenue Appeal Dismissed: Cooperative Bank Income Deductible Under 80P(2)(d)

ITO Vs Ammunition Factory Co-op. Credit Society Limited (ITAT Pune)

The Society, a primary credit co-operative institution, had claimed deduction u/s 80P(2)(d) on interest & dividend earned from investments placed with the Pune District Central Co-operative Bank Ltd. The AO denied the deduction by relying on Totgars (SC) & taxed the income u/s 56.

CIT(A)/NFAC allowed the deduction following multiple ITAT decisions which held that a co-operative bank continues to be a co-operative society for the purpose of s.80P(2)(d), & interest/dividend received from such co-op

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