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The only issue that arises for consideration in this appeal is as to whether a sum of Rs. 76,17,450 which was interest earned by the assessee on surplus funds available with it is eligible for deduction u/s. 80P(2)(a)(i) or 2(d) of the Act.

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Sec. 80P(2) of Income Tax Act, 1961— Deduction — Deduction u/s. 80P(2)(d) is not available to interest income earned on deposits with co-operative banks. - NAGAPURA CREDIT CO-OPERATIVE SOCIETY V/s ITO - [2020] 28 ITCD Online 065 (ITAT-BANGALORE)