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2018 (7) TMI 2302 - AT - Income TaxEligibility of deduction u/s. 80P(2)(a)(i) - assessee is a primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969 - HELD THAT:- In view of the judgment of Chirakkal Service Co-op Bank Ltd. [2016 (4) TMI 826 - KERALA HIGH COURT] wherein held primary agricultural credit societies, registered as such under the KCS Act; and classified so, under that Act, including the appellants are entitled to such exemption - we hold that the assessee - Society is entitled to the benefit of deduction u/s. 80P(2) of the Act for both the assessment years. It is ordered accordingly. Interest earned on investment made with sub-treasuries and bank deposits - Tribunal had decided the issue in favour of the assessee in assessee’s own case [2016 (7) TMI 1405 - ITAT COCHIN] concerning the assessment year 2009-10 - we hold that the CIT(A) is justified in directing the Assessing Officer to grant deduction in respect of interest income earned on investment in sub-treasuries and bank deposits u/s. 80P(2)(a)(i) Appeals filed by the Revenue are dismissed.
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