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2021 (5) TMI 300 - AT - Income TaxDeduction u/s 80P(2)(d) - interest received from co-operative bank - assessee is a Co-Operative Housing Society deriving income from interest from Saving Bank Account and interest on fixed deposits - Whether Scheduled Co- operative banks are at par with commercial banks and therefore interest earned there from is not covered by the concept of mutuality and it not allowable for deduction u/s 80P(2)(d)? - CIT(A) has held that the interest income from the deposit with the Co-operative Bank is liable to be exempt u/s 80P(2)(d) - HELD THAT:- CIT(A) has considered the number of decisions such as Totgars Co- operative Sale Society Ltd. [2010 (2) TMI 3 - SUPREME COURT], PCIT Vs. Totagars Co-operative Sale Society [2017 (1) TMI 1100 - KARNATAKA HIGH COURT], PCIT Vs Totagars Co-operative Sale Society [2017 (7) TMI 1049 - KARNATAKA HIGH COURT], State Bank of India [2016 (7) TMI 516 - GUJARAT HIGH COURT], Kaliandas Udyog Bhavan Premises Co-operative Society Ltd. Vs. ITO [2018 (4) TMI 1678 - ITAT MUMBAI], Lands End Co-operative Housing Society Ltd. Vs. ITO [2016 (2) TMI 620 - ITAT MUMBAI], Sea Green Co-operative Housing Society Ltd.[2017 (3) TMI 1728 - ITAT MUMBAI]& Merwangeecama Park Co-operative Housing Society Ltd. Vs. ITO [2017 (10) TMI 58 - ITAT MUMBAI]. After going through all the decisions, the CIT(A) has held that the interest income from the deposit with the Co-operative Bank is liable to be exempt u/s 80P(2)(d) of the Act. Moreover, we noticed that the issues have duly been covered with the assessee’s own case for the A.Y.2013-14. [2017 (9) TMI 564 - ITAT MUMBAI] Thus finding of the CIT(A) is quite correct which is not liable to be interfere with at this appellate stage. Accordingly, we affirm the finding of the CIT(A) on these issues and decide these issues in favour of the assessee against the revenue.
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