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2016 (1) TMI 1235 - ITAT BANGALOREDeduction u/s 80P(2)(d) - interest income on deposits made by the assessee with cooperative bank - whether for the purpose of sec.80P(2)(d), a co-operative bank is considered as a co-operative society? - Held that:- CIT(A) has allowed the claim of the assessee by holding that the co-operative bank cannot be excluded from the co-operative society engaged in the business of banking for the purpose of sec.80P(2)(d). We find that the co-ordinate bench of this Tribunal in case of Menasi Seemeya Group Gramagala Seva Sahakari Sanga Niyamitha [2015 (2) TMI 1094 - ITAT BANGALORE ]held that a Co-operative bank which is also a Co-operative Society cannot be excluded from the purview of benefits available to a Cooperative Society , unless the provisions of the Act so stipulate. It had unequivocally held that the said provision applied to all Co-operative Society including a Cooperative Society engaged in the business of the bank or in other words, a Co-operative Bank. Therefore, the view taken that income by way of interest or dividends earned by the assessee society from the Cooperative bank which was also a Co-operative Society was eligible for deduction cannot be faulted. - Decided in favour of assessee
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