Section 80P deduction eligible to Co-op credit Society on interest from nationalised bank on deposit made to comply statutory requirement

Rifle Factory Cooperative Society Limited Vs ACIT (ITAT Kolkata) From perusal of Sections 80, 81 & 82 of West Bengal Cooperative Societies Act, we notice that the assessee-society is statutorily required to transfer not less than 10% of its net profit to a Reserve Fund and the same shall be invested in a Government Saving Bank including Nationalized Bank, Cooperative Banks and Regional Rural Banks or in any security specified in Section 20 of the Indian Trust Act, 1882 or in the business of the Cooperative Society in such manner as may be prescribed. Now the claim of the assessee is that i...