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2019 (4) TMI 547 - AT - Income TaxDeduction u/s 80P(2)(d) - assessee had earned interest income on the deposits held with Saraswat Co-operative Bank, TJSB Bank, Cosmos Banks and IDBI Bank - claim of deduction by the assessee was denied by the AO for interest income earned from Saraswat Co-operative Bank on the ground that the same is not a Co-operative Society - HELD THAT:- The Veer Cooperative Group Housing Society Limited [2018 (9) TMI 287 - ITAT DELHI] has held that Sarswat Co-operative Bank to be a Co-operative Society and the interest earned therein to be entitled to claim deduction u/s 80P(2)(d). After relying on the decision in the case of Kaliandas Udyog Bhavan Premises Cooperative Society Ltd., (2018 (4) TMI 1678 - ITAT MUMBAI) has held that the interest earned on investments held with the Co-operative Banks would be eligible for deduction u/s 80P(2)(d). Revenue has not pointed out any contrary binding decision nor has placed on record any material to demonstrate that the aforesaid decisions have been set aside/ stayed/over-ruled by any higher Judicial Forum. Following the aforesaid decisions, hold interest income earned by the assessee on the deposits held with Banks would be eligible for deduction u/s 80P(2)(d) - Decided in favour of assessee.
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