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2020 (12) TMI 108 - AT - Income TaxDeduction u/s 80P - CIT(A) upheld disallowance of interest income earned by assessee from nationalised/other co-operative banks by holding that, deduction can only be allowed to co-operative societies registered under cooperative societies Act - HELD THAT:- Before us, assessee has not provided the details of interest earned from nationalised/co-operative banks. In our view the issue needs to be revisited by Ld. AO for fresh decision after examining the facts and the light of decision of Hon'ble Karnataka High Court in case of Tumkur Merchants Souharda Credit Co-operative Ltd. [2015 (2) TMI 995 - KARNATAKA HIGH COURT] wherein decision by Hon'ble Supreme Court in case of Totgars Co-operative Sale Society Ltd. [2010 (2) TMI 3 - SUPREME COURT] has been duly considered. The Ld. AR has also brought to our notice that Hon'ble Karnataka High Court in case of Pr. CIT vs Totgars co-operative Sale Society [2017 (7) TMI 1049 - KARNATAKA HIGH COURT] confirmed the order of this tribunal allowing deduction under section 80P(2)(d) of the Act on interest received on investments made in co-operative bank. This decision was however not followed in the subsequent judgment in case of Pr. CIT vs Totgars Co-operative Sale society [2017 (1) TMI 1100 - KARNATAKA HIGH COURT]. - We therefore restore the issue back to Ld. AO for fresh consideration. - Decided in favour of assessee for statistical purposes.
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