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2022 (5) TMI 548 - ITAT MUMBAIDeduction u/s 80P claimed on the interest received from the cooperative banks - granting of deduction u/s 80P(2)(d) of the Act to the Cooperative Society - AO was not satisfied with the claim made by the assessee and observed that the cooperative bank is an urban commercial bank and does not fall under the purview of cooperative society referred in the Sec. 80P(2)(d) of the Act and therefore the interest income from cooperative banks has to be taxed under income from other sources and assessed the total income - HELD THAT:- As in M/S PETIT TOWERS CO-OP. HOUSING SOCIETY LTD. VERSUS INCOME TAX OFFICER, 19 (2) (5) MUMBAI [2021 (9) TMI 232 - ITAT MUMBAI] Tribunal has passed the order in the context of the revision order U/sec263 of the Act and relied on the catena of Hon’ble High court and Tribunal decisions were the cooperative society receives/earns interest on deposits with the co-operative bank is eligible for claim of deduction under section 80(2)(d) of the Act. The Ld.AR emphatically substantiated the submissions with the facts, evidences and judicial decisions filed before the lower authorities and find merits in the arguments of the Ld.AR. Accordingly, we set aside the order of the CIT(A) and direct the Assessing officer to allow the claim of deduction u/sec 80P(2)(d) of the Act on the interest income received /earned from the co-operative banks and allow the appeal filed by the assessee.
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