Section 80P(2)&(4) of the Income Tax Act, 1961– Deduction– As regards the grant of deduction under section 80P on interest on investments with Co-operative banks and other banks, the AO shall follow the law laid down by the Full Bench of the High Court in the Malvilayi Sevice Co-operative Bank Ltd vs. CIT and examine the activities of the assessee before granting deduction under section 80P on such Interest – Chirakara Service Co-operative Bank ltd vs. Income tax Officer [2020] 77 ITR (trib) 457 (Cochin)