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2023 (2) TMI 1017 - ITAT MUMBAIDeduction u/s.80P(2)(d) - assessee society earned interest income - HELD THAT:- Hon’ble High Court of Karnataka in case of Pr. CIT & Anr. Vs. Totgar’s Co-operative Sale Society Ltd. [2017 (1) TMI 1100 - KARNATAKA HIGH COURT] and State Bank of India [2016 (7) TMI 516 - GUJARAT HIGH COURT] had held that interest income earned by a co-operative society on its investment held with co-operative bank would be eligible for claim of deduction under section 80P(2)(d) of the Act. Thus we are of the considered view that assessee society who has earned an amount from its investment of surplus fund with co-operative banks is entitled for deduction under section 80P(2)(d) of the Act. Resultantly, the Ld. CIT(A) has erred in upholding the denial of deduction by the AO to the assessee under section 80P(2)(d) of the Act. Appeal filed by the assessee is allowed.
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