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of Deduction u/s 80P(2)(d) was allowed for interest income earned by the assessee from fixed deposits and savings accounts with Ahmedabad District Co-operative Bank Limited, a registered cooperative society. However, the Assessing Officer was directed to verify if the entity is a cooperative bank duly registered under the relevant Act. Interest income received from a savings account with Axis Bank, a non-cooperative bank, was held not deductible u/s 80P(2)(d) based on Supreme Court's decision in Totgar's case and ITAT's decision in Sardar Patel Co-operative Credit Society Limited's case. The assessee's appeal was partly allowed.
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