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2023 (10) TMI 1365 - AT - Income TaxDeduction u/s 80P - interest received by the assessee from cooperative banks - HELD THAT:- Assessee is a cooperative society more precisely a housing society and not a cooperative bank therefore the provision section 80P (4) does not apply to assessee and therefore assessee is eligible for deduction u/s 80 P (2) of the Act. Assessee has invested in saraswat Cooperative bank, shamrao Vithal cooperative bank and Maharashtra District cooperative bank limited. There is no doubt that assessee is not a cooperative bank. Section 80P (4) denies deduction to cooperative banks only. Now this view is upheld by the honourable supreme court in case of Kerala State Co-Operative Agricultural & Rural Development Bank Ltd [22023 (9) TMI 761 - SUPREME COURT] In view of this, we direct the ld AO to allow deduction to assessee cooperative housing society deduction on interest income. We reverse the order of the ld CIT (A) and allow solitary issue in appeal.
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