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2021 (4) TMI 372 - AT - Income TaxDeduction u/s 80P(2)(d) - income from other sources in respect of interest earned on fixed deposit with Co-operative banks - whether or not the interest income earned by a co-operative housing society on its investments lying with a cooperative bank would be eligible for deduction under Sec. 80P(2)(d) ? - HELD THAT:- As pointed out by the ld. A.R, and rightly so, the issue herein involved is squarely covered by the orders of the various benches of the Tribunal. We find, that the ITAT, Mumbai, in the case of Kaliandas Udyog Bhavan Premises Co-operative Society Ltd. Vs. ITO-21(2)(1), Mumbai, [2018 (4) TMI 1678 - ITAT MUMBAI] had concluded that a co-operative society would duly be entitled for claim of deduction under Sec. 80P(2)(d) in respect of its interest income on the investments held with a co-operative bank. Thus order passed by the CIT(A) declining the assessee’s claim for deduction under Sec. 80P(2)(d) as regards the interest income earned on its investments held with the co-operative bank is herein vacated - Decided in favour of assessee.
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