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2021 (1) TMI 43 - AT - Income TaxDeduction u/s 80P(2)(d) - interest income derived from deposits with cooperative bank - assessee is a Cooperative Housing Society - Diversified views - HELD THAT:- No judgement from Hon'ble Jurisdictional High court on the issue of eligibility of deduction under section 80P(2)(d) of the Act on interest income derived by a Co-operative Society from a Cooperative Bank has been brought to our notice. The Hon'ble Bombay High Court in the case of K. Subramanian Vs. Siemens India Ltd. [1983 (4) TMI 3 - BOMBAY HIGH COURT] has held that when two conflicting decisions of non-jurisdictional High Courts are available, the view that favours the assessee is to be preferred. Accordingly, following the decision of Totagars Co-operative Sale Society [2017 (1) TMI 1100 - KARNATAKA HIGH COURT] and the decision in the case of Hon'ble Gujarat High Court in the case of Vankar Sahakari Sangh . [2016 (7) TMI 1217 - GUJARAT HIGH COURT]the deduction claimed by the assessee under section 80P(2)(d) of the Act in respect interest derived from investments with the cooperative banks is allowed. Appeal of the assessee is allowed.
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