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cooperative bank

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(Querist)
21 February 2008 urban cooperative bank has invested funds as fixed deposit in other coperative bank.
it has invested with a condition that at the time of maturity the interest will be added to principal amount & again will be reinvested.what will be the treatment of interest accrued for the financial year 2006-07?
will it not be claimed u/s 80p from the profit of the bank as income derived by the cooperative society from investment made in other cooperative society?
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
21 February 2008 Question raised yesterday and answered.
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R.V.RAO

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R.V.RAO (Expert)
21 February 2008 from assessment year 2007-08, deduction under 80 P IS NOT AVAILABLE TO A COPERATIVE BANK.
ONLY PRIMARY AGR.CREDIT SOCIETY,PRIMARY COOP. AGR AND RURAL DEV. BANK WILL CONTINUE TO GET DEDUCTION UNDER 80 P.
R.V.RAO
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