Interest on Deposits with Regional Rural Banks Qualifies for Deduction u/s 80P(2) of Income Tax Act.

Deduction u/s 80P(2) - interest on deposits with a Regional Rural Bank(RRB) - Section 22 of Regional Rural Banks Act, 1976 in uncertain terms categorically deems RRBs as Cooperative Societies for the purposes of Income Tax Act - In the absence of non-obstante clause, the mere fact that a restrictive condition was imposed in relation to a Cooperative Bank for regulating the benefit of Section 80P, does not in any manner, alter the pre-existing situation - deduction allowable .....

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