Interest Income from Deposits with Co-operative Banks qualifies for Deduction u/s 80P(2)(d) of Income

The Income Tax Appellate Tribunal (ITAT) ruled that interest income earned from deposits made with co-operative banks qualifies for deduction under Section 80P(2)(d) of the Income Tax Act. This section provides tax exemptions for income earned by co-operative societies from investments in other co-operatives, including co-operative banks. The tribunal reaffirmed that the benefit under this provision should not be denied merely because the income came from a co-operative bank, providing relief to societies that invest in such institutions.