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2019 (1) TMI 212 - ITAT CHENNAIDeduction claimed u/s 80P - Deduction in respect of income of co-operative societies - assessee is co-operative society and registered under Multi-State Cooperative Societies Act, 2002 - Held that:- Ratio laid down by the Hon’ble Supreme Court in the case of Totgars Co-op. Sale Society Ltd (2010 (2) TMI 3 - SUPREME COURT) cannot be applied to the facts of the credit society and accordingly deduction under section 80P of the Act has been allowed against interest income from deposits with nationalized banks As this issue is squarely covered in favour of the assessee by the decision of the Hon'ble Jurisdictional High Court in assessee's own case. In this regard we would like to place reliance upon the decision of the Hon'ble Apex Court in the case of CIT vs. Excel Industries [2013 (10) TMI 324 - SUPREME COURT] wherein the principle of consistency has been reiterated. Hence when the issue has been decided by the Jurisdictional High Court no convincing reason has been pointed to take a different view, any deviation is not permitted. - Decided in favour of assessee
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