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2021 (8) TMI 1086 - ITAT MUMBAIDeduction u/s 80P(2)(d) - whether interest income derived from deposits with cooperative banks is eligible for deduction under section 80P(2)(d) of the Act or not has not crystallised so far? - HELD THAT:- The coordinate Bench of the Tribunal in the case of Kaliandas Udyog Bhavan Premises Co-op Society Ltd. [2018 (4) TMI 1678 - ITAT MUMBAI] considering various decisions by Hon’ble High Courts and the Tribunal and the provisions of the Act, has held that interest income derived by a co-operative society from investments with co-operative bank, would be entitled for deduction under section 80P(2)(d). In the case of PCIT vs. Totagars, Cooperative Sale Society [2017 (1) TMI 1100 - KARNATAKA HIGH COURT] has held that for the purpose of section 80P(2)(d) of the Act, co-operative bank should be considered as cooperative society. Similar view has been taken by the Hon'ble Gujarat High court in the case of Surat Vankar Sahakari Sangh Ltd. [2017 (1) TMI 1100 - KARNATAKA HIGH COURT] Accordingly, following the decision in the earlier case of Totagars Co-operative Sale Society [2017 (1) TMI 1100 - KARNATAKA HIGH COURT] and in the case of Vankar Sahakari Sangh [2016 (7) TMI 1217 - GUJARAT HIGH COURT] the deduction claimed by the assessee under section 80P(2)(d) of the Act in respect interest derived from investments with the cooperative bank is allowed. - Decided in favour of assessee.
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