Held that the interest received by the assessee from Baroda Rajasthan Gramin Bank Ltd., which is a regional rural bank and not a co-operative bank is not allowable as deduction under s. 80P(2)(d).As regards interest received by the assessee from central co-operative bank is allowable as deduction under S. 80P(2)(d) of the Act. (AY. 2018-19)
ITO v. Bhilwara Zila Dugdh Utpadak Sahkari Sang Ltd (2023) 37 NYPTTJ 1453 / (2024) 227 TTJ 129 / 233 DTR 65 /161 taxmann.com 219 (Jodhpur)(Trib)
S. 80P : Co-operative societies-Interest received from Baroda Rajasthan Gramin Bank Ltd. being a regional rural bank is not a cooperative society-Not entitle to deduction-Interest from central co-operative bank is eligible deduction-Circular No. 6 of 2010, dt. 20th Sept., 2010. [S.80P(2)(d)]