The Commissioner Of Income Tax vs M/S. Veerakeralam Primary ... on 5 July, 2016
We further noted that an identical issue was considered by the Hon'ble
Madras High Court in the case of CIT vs. Veerakeralam Primary Agricultural Co-
operative Credit Society (2016) 388 ITR 492 (Mad), where the Hon'ble High Court
after referring to the decision of the Hon'ble Supreme Court in the case of
Totagars Co-operative Sales Society Ltd., held that the benefit of deduction
u/s.80P of the Act is excluded for co-operative banks but credit co-operative
societies are entitled to claim deduction u/s.80P of the Act in respect of interest
income earned from deposits kept in other co-operative banks.