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2022 (5) TMI 1062 - AT - Income TaxDeduction u/s. 80P - whether the assessee is eligible to claim deduction on interest earned from Co-Operative Bank u/s 80P(2)(d)? - HELD THAT:- Hon’ble Gujarat High Court in the case of State Bank of India [2016 (7) TMI 516 - GUJARAT HIGH COURT] held that 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 Surat Vankar Sahakari Sangh Ltd. [2016 (7) TMI 1217 - GUJARAT HIGH COURT] the Gujarat High Court held assessee-co-operative society was eligible for deduction under section 80P(2)(d) in respect of gross interest received from co-operative bank without adjusting interest paid to said bank. In the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society [2017 (1) TMI 1100 - 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. Thus in our view, interest earned by the assessee on surplus held with Banaskantha Dist. Co-operative Bank would be eligible for deduction under Sec.80P(2)(d) - Decided in favour of assessee.
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