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2019 (10) TMI 356 - AT - Income TaxDisallowing the Deduction u/s 80P(2)(a)(i) - Interest Received on Loans given to Nominal Members - HELD THAT:- Assessee is eligible for deduction of u/s 80P(2)(d) of the Act in respect of the amount invested in PDCC i.e., Cooperative Banks and other Banks. Further of the view that in the present case, the ratio of decision of the High Court in the case of M/s. S-1308 Ammapet Primary Agricultural Co-operative Bank Ltd. [2019 (1) TMI 116 - MADRAS HIGH COURT] would be applicable. Therefore following the ratio of the decisions cited herein above and the decision of Hon’ble Bombay High Court hold that assessee is eligible for deduction u/s 80P of the Act. Thus, the grounds of allowed.
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