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2023 (1) TMI 1275 - AT - Income TaxDisallowance u/s 80P (2)(d) - interest income from Co-Op Bank in respect of its surplus funds deposited by framing the assessment u/s 143(3) - HELD THAT:- Allowability of deduction claimed by the Assessee Society u/s 80P (2)(d) is no longer Res-Integra as the same has already been decided by the Tribunal in number of cases in favour of the Assessee liked in Palm Court M Premises Co-operative Society Ltd. [2022 (9) TMI 650 - ITAT MUMBAI] decided the issue in favour of the assessee by distinguishing the judgment rendered in case of Totgar's Co-operative Sale Society Ltd.[2010 (2) TMI 3 - SUPREME COURT] wherein it is held that interest income earned by the Co-operative Society on its investment made with co-operative bank would be eligible for claim of deduction under section 80P(2)(d). Thus we are of the considered view that the Assessee is entitled for deduction claimed u/d 80P(2)(d) being the interest earned in respect of its surplus funds deposited with Co-Op Bank. Decided in favour of assessee.
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