Credit Cooperative Societies Get Section 80P Deduction for Member Interest, Not for Bank Investments.

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....Assessee is a credit cooperative society. It is entitled for deduction u/s 80P(2)(1) on the interest income earned by it from its members. The interest income earned on the investment of surplus fund with nationalized bank is only to be excluded from the claim of 80P(2)(a)(i) - AT....