Co-operative society entitled to s.80P(2)(d) deduction on interest from surplus funds; not a co-operative bank within s.80P(4) exclusion

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....HC held that the assessee, a co-operative society registered under the Sikkim Co-operative Societies Act, is not a "co-operative bank" within the exclusionary ambit of s.80P(4) of the Income-tax Act and was wrongly denied deduction by the Tribunal. Interest income arose from surplus funds and statutory reserves invested, as mandated by the Sikkim Co-operative Societies Act, in approved co-operative banks which themselves are registered as co-operative societies. Applying the ratio of PCIT v. Ashwin Kumar Urban Co-operative Society Ltd. and distinguishing Totgars' Cooperative Sale Society Ltd., HC ruled that deduction is allowable under s.80P(2)(d). Appeal allowed in favour of the assessee.....