Amrapur Vikas Seva Vs ITO (ITAT Pune)The Pune Bench (SMC) of the ITAT held that interest income earned by a co-operative credit society from investments with co-operative banks / co-operative societies is eligible for deduction under section 80P(2)(d), and remanded the matter to the Assessing Officer for limited factual verification. The Tribunal reiterated that the term “co-operative society” in section 80P(2)(d) includes co-operative banks, and therefore interest earned from investments with such entities is eligible for deduction. Its main source of income is interest earned on loans given to Members and interest on deposits made with Cooperative Banks and other Cooperative Societies. Perusal of the aforesaid definition would make it clear that cooperative Society means a cooperative society registered under Cooperative Societies Act, 1912 as defined under the Act, be it a co-operative society carrying on banking business or cooperative society carrying on the other business or a cooperative bank. Jurisdictional Assessing Officer for the limited purpose of verification of the interest income earned from Cooperative Banks.