ITAT Allows Income Tax Deduction On Interest Income From Investment In Co-Operative Bank

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has allowed the deduction under Section 80P(2)(d) of the Income Tax Act on the interest income from investments in cooperative banks.The bench of Mahavir Singh (Vice President) and Manjunatha.G. (Accountant Member) has observed that the Erode District Central Co-operative Bank is also governed by the Tamil Nadu Co-operative Societies...