Deductibility under Section 80P(2)(d): interest from co operative bank deposits may qualify if linked to primary co operative activity.

Interest earned by credit co-operative societies from deposits with co-operative banks is examined for eligibility under Section 80P(2)(d), focusing on whether such receipts bear the requisite nexus to the societies' primary credit-providing activities and on the statutory meaning of co-operative bank as interpreted in judicial precedents that have largely favoured allowance of the deduction.

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