Interest from nationalized bank investments is not deductible under Income Tax Act Section 80P(2)(a)(i) for cooperatives.

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....Deduction u/s 80P(2)(a)(i) - interest earned from investment made in nationalized bank by a cooperative society engaged in providing credit facilities to its members, is not eligible for deduction under section 80P - However, any expenditure incurred by the assessee for earning such income could be allowed to it, if not already allowed.....