Relying on decisions of Supreme Court and High Court, the Pune ITAT directed the AO to allow the deduction u/s 80P(2)(a)(i) and 80P(2)(d) of Income Tax Act, 1961 in respect of interest income earned from co-operative bank/scheduled bank.The Member of the ITAT comprising Inturi Rama Rao (Accountant Member) observed that, “the interest income earned by cooperative society on deposits made out...
