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2022 (9) TMI 1526 - AT - Income TaxDeduction u/s. 80P(2)(d) - interest income from investment in Co-operative bank - HELD THAT:- An identical issue had been considered in the case of Varathappam Palayam Primary Agricultural Co-op. Credit Society [2022 (7) TMI 113 - ITAT CHENNAI] and by following decision of The Salem Agricultural Producers Co-operative Marketing Society Ltd [2016 (9) TMI 699 - MADRAS HIGH COURT] held that interest earned on deposits with District Central Cooperative Banks is assessable under the head ‘business income’ of the co-operative society and consequently, for said interest benefit of section 80P(2)(d) is available. Thus assessee is entitled for deduction towards interest earned from Coimbatore District Central Co-operative Bank u/s. 80P(2)(d) - Decided in favour of assessee.
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