Section 80P(2)(d) Deduction eligible to co-op societies on interest from Co-op Banks

Manila Sahayak Gruh Udyogsaha Vs ACIT (ITAT Ahmedabad) There is no dispute that Panchmahal District Co-operative Bank Limited and Dahod Urban Co-operative Bank Limited both are registered under Societies Act and the interest received from these Co-operative Banks are allowable under Section 80P(2)(d) of the Act as per the decision of Hon’ble Gujarat High Court in the case of Surat Vankar Sahakari Sangh Limited (supra). The Hon’ble High Court observed that the provision of Section 80P(2)(d) of the Act does not make any distinction in regard to source of the investment because this Section e...