The Visakhapatnam Income Tax Appellate Tribunal (ITAT) has held that there is a deduction under Section 80P of the Income Tax Act on interest income arising from deposits or investments made with cooperative banks.The bench of Duvvuru Rl Reddy (Judicial Member) and S Balakrishnan (Accountant Member) has observed that the cooperative society is eligible for deduction under Section 80P(2)(a)(i)...