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2016 (6) TMI 1294 - AT - Income TaxDisallowance of deduction u/s 80P - interest income and dividend income received by the assessee co-operative society on investments made in bank account and shares of Sindhudurg Central Co-operative Bank - Held that:- The issue arising in the present appeal is identical to the issue before Pune Bench of Tribunal in Sindhudurg Zilla Madhyamik Adhyapak Sahakari Patpedhi Maryadit (2014 (9) TMI 1022 - ITAT PUNE) and Sindhudurg District Primary Teachers Co - operative Credit Society Ltd. Vs. ITO (2015 (2) TMI 281 - ITAT PUNE). The assessee being a credit cooperative society had made investment in a co-operative bank by way of deposits and also shares of Sindhudurg Central Co-operative Bank, which has been held to be co-operative society by co-ordinate Bench of the Tribunal. Following the same parity of reasoning, hold that the assessee is eligible to claim the deduction under section 80P(2)(d) of the Act in respect of both the interest income and dividend income received from Sindhudurg Central Cooperative Bank. - Decided in favour of assessee.
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