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2019 (11) TMI 1374 - AT - Income TaxEligibility of deduction claimed u/s 80P(2)(d) - interest income received from investment made with co-operative banks - HELD THAT:- Claim of the assessee u/s 80P(2)(d) of the Act appears to be in consonance with the plain language of the Act. We thus find merit in the claim of the assessee for deduction u/s 80P(2)(d) of the Act in respect of income earned from K.D.C.C. Bank. - Decided in favour of assessee Eligibility of basic deduction u/s 80P(2)(c) on the taxable interest earned from nationalized banks and not covered for deduction under s.80P(2)(a)(i) of the Act from the gross total income - HELD THAT:- In the light of the decision of Hon’ble Allahabad High Court in Chief CIT (Admn.) vs. Kisan Sahkari Chini Mills Ltd. [2004 (11) TMI 28 - ALLAHABAD HIGH COURT] , Clause (c) of Section 80P(2) of the Act would cover entire income of a cooperative society not covered by Clause (a) and (b). The income earned by the assessee on deposits of nationalized banks was treated as taxable income of the assessee in view of its ineligibility towards deduction under s.80P(2)(a)(i) of the Act. Consequently, the assessee is entitled for basic deduction as provided under s.80P(2)(c) of the Act against such interest income.
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