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2023 (2) TMI 1141 - AT - Income TaxDeduction u/s 80P(2)(d) - interest income earned by the Co-operative Society on its investment made with cooperative bank - HELD THAT:- Now this issue is longer res integra having been decided in favour of the assessee in case of Palm Court M Premises Co-operative Society Ltd. i[2022 (9) TMI 650 - ITAT MUMBAI] by the coordinate bench of Tribunal by distinguishing the judgement rendered of Totgars Co-operative Sale Society Ltd [2010 (2) TMI 3 - SUPREME COURT]and by discussing the decision rendered by Hon’ble Bombay High Court and Hon’ble Gujarat High Court wherein it is held that interest income earned by the Co-operative Society on its investment made with cooperative bank would be eligible for claim of deduction under section 80P(2)(d) 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 Hon’ble Gujarat High Court in case of State Bank of India [2016 (7) TMI 516 - GUJARAT HIGH COURT] had also 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 u/s 80P(2)(d) - CIT(A) has erred in upholding the denial of deduction by the AO to the assessee under section 80P(2)(d) - Decided in favour of assessee.
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