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2024 (2) TMI 190 - ITAT INDOREDeduction u/s 80P - interest has been received from Cooperative Bank - HELD THAT:- As going through the provisions of Section 80P(2)(d) of the Act, we find that the assessee is eligible for deduction u/s 80P(1) in respect of the income derived by way of interest or dividend from its investment with any cooperative bank society. In the instant case, though the interest has been received from Cooperative Bank, but basically it is a Cooperative Society, which has taken a banking license. Recently in the case of Amore Commercial Premises Co- Op. Society Limited vs. Central Processing Centre [2023 (1) TMI 826 - ITAT MUMBAI] has dealt with the similar issue and after placing reliance on the judgement of Pr. CIT and Others vs. Totgars Co-operative Society Limited, [2017 (1) TMI 1100 - KARNATAKA HIGH COURT] and State Bank of India vs. CIT, [2016 (7) TMI 516 - GUJARAT HIGH COURT] has held that interest income earned by Cooperative Society on its investment held with Cooperative Bank would be eligible for claim of deduction u/s 80P(2)(d). Thus we are inclined to hold that the assessee is eligible for deduction u/s 80P(2)(d) in respect of FDR interest received from Cooperative Bank. Decided in favour of assessee.
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