The assessee, a non-banking co-operative society, earned interest on investments made with co-operative banks out of its surplus funds and statutory reserves. The Revenue denied deduction by applying section 80P(4). The High Court held that section 80P(4) excludes only co-operative banks and does not apply to a non-banking co-operative society merely because it earns interest from co-operative banks. Since the assessee was not a co-operative bank, its eligibility had to be considered under section 80P(2)(d), and it was entitled to deduction in respect of the interest income.  Togars Co-Operative Sale Society Ltd  v. ITO (2010)188  Taxman 282 / 322 ITR 283 / 229 CTR 209 (SC), distinguished. (AY. 2018-19)