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2021 (9) TMI 137 - AT - Income TaxDeduction u/s.80P - profits earned by the appellant from the business of providing credit facilities to its members - HELD THAT:- Associate/nominal members, Hon’ble Supreme Court in the case of Mavilayi Service Cooperative Bank Ltd. [2021 (1) TMI 488 - SUPREME COURT] has held that the expression “Members” is not defined in the Income-tax Act. Hence, it is necessary to construe the expression “Members” in section 80P(2)(a)(i) of the Act in the light of definition of that expression as contained in the concerned co-operative societies Act - Accordingly, we remit this issue of deduction u/s. 80P(2)(a)(i) of the Act to the file of Assessing Officer to examine the same afresh in the light of the above judgment. Deduction u/s 80P(2)(a)(i) - interest from investments made in commercial banks, South Canara district cooperative banks, co-operative societies - HELD THAT:- In the case of the Totgars Co-operative Sale Society Ltd. Vs. ITO [2010 (2) TMI 3 - SUPREME COURT] held that, Income from utilisation of surplus funds was taxable under the head income from other sources, and therefore not eligible for deduction u/s 80P - we remand this issue back to the Ld.AO to verify the interest earned from investments made in co-operative societies that is eligible for deduction under section 80P(2)(d).
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