Interest Income from investment in Co-operative bank governed by Tamil Nadu Co-operative Societies Act eligible for  deduction u/s 80P(2)(d) of Income Tax [Read Order]  

The Income Tax Appellate Tribunal (ITAT), Chennai Bench held that interest income from investments in cooperative banks governed by the Tamil Nadu Co-operative Societies Act is eligible for deduction under Section 80P(2)(d) of the Income Tax Act, 1961. The assessee, Kangayam Primary Agricultural Co-operative Credit Society, is a primary agricultural credit society registered under the…