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2022 (5) TMI 367 - AT - Income TaxDeduction u/s 80P(2)(d) - whether the assessee is eligible to claim deduction on interest earned from Co-Operative Banks u/s 80P(2)(d)? - HELD THAT:- The Hon’ble Gujarat High Court in the case of State Bank of India Vs. CIT [2016 (7) TMI 516 - GUJARAT HIGH COURT] held that the interest income earned by a co-operative society on its investments held with a co-operative bank would be eligible for claim of deduction under Sec.80P(2)(d). In the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society [2017 (7) TMI 1049 - KARNATAKA HIGH COURT] the Karnataka High Court has held that the interest income earned by a co-operative society on its investments held with a co-operative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Act. Interest earned by the assessee on surplus held with cooperative bank would be eligible for deduction under Sec.80P(2)(d). Appeal of assessee allowed. :
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