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Assessee has raised the ground that on the facts and circumstances of thecase, the CIT(A) erred in upholding action of the assessing officer in sustaining disallowance of deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961 (“ the Act”) to the extent of Rs. 1,90,90,288 claimed on interest income earned from investment of funds in commercial banks and cooperative banks/societies on the ground that such interest income is not eligible for deduction under that section.

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Sec. 80P(2) of Income Tax Act, 1961— Deduction — Assessee being a co-operative society not involved in banking operation is not eligible for deduction u/ s 80P(2)(a)(i) and assessee being a co-operative society is eligible for deduction u/s 80 P(2)(d) on the interest earned from other co-operative societies. - MANTOLA COOPERATIVE THRIFT & CREDIT SOCIETY LTD. V/s ITO - [2020] 184 ITD 136 (ITAT-DELHI)