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2018 (10) TMI 933 - AT - Income TaxEntitled to deduction u/s 80P(2)(d) on interest received on investments made with Alapuzha District Cooperative Bank Limited - Held that:- The benefit of this section is available only for the interest / dividend that are received by a co-operative society for investments made with another co-operative society. In the instant case, the assessee had produced certificate of registration of the payer, viz., Alappuzha District Co-operative Bank Limited. also registered under the Reserve Bank of India under the Banking Regulations Act, 1949 for doing the business of banking. The first appellate authority, while dismissing the appeals filed by the assessee for the assessment year 2013- 2014 and 2014-2015, had elaborately considered the distinction between the co-operative society and a cooperative bank. The CIT(A) had categorically concluded that Alappuzha District Co-operative Bank Ltd. is is co-operative Bank and not a co-operative society. This categorical finding of the CIT(A), was never dispelled before the Tribunal. Admittedly, when the interest income is received from a cooperative bank, the recipient co-operative society would not be entitled to deduction u/s 80P(2)(d) - decided against assessee.
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