TMI Blog2015 (9) TMI 1751X X X X Extracts X X X X X X X X Extracts X X X X ..... (2)(a)(i) - HELD THAT:- CIT(A) correctly held since deduction u/s. 80P(2)(d) will be admissible only on the interest earned from Co-operative Societies irrespective of whether they are Co-operative banks or not, the AO is directed to verify the same and allow the deduction on interest earned from other Co-operative societies including Co-operative banks. The interest earned on investment with othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... )(a)(i) of the Act. 3. The assessee is a Credit Co-operative society and engaged in providing the credit facility to its members. In its return of income, the assessee claimed deduction u/s. 80P(2)(d) of the Act which is in relation to the interest on investments with the Co-operative bank. The Assessing Officer was of the firm belief that interest income earned on the investments in any other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Societies irrespective of whether they are Co-operative banks or not, the AO is directed to verify the same and allow the deduction on interest earned from other Co-operative societies including Co-operative banks. However, the interest earned on investment with other banks will not be eligible for deduction u/s. 80P(2)(d). The AO is directed accordingly. Thus, the appellant partly succeeds in re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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