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2022 (8) TMI 568 - AT - Income TaxDeduction claimed u/s 80P(2)(d) - interest income earned from deposits kept with a co-operative bank - A.R submitted that the co-operative banks also co-operative societies carrying on banking business and hence the interest earned on deposits kept with co-operative banks is to be treated as interest income earned from co-operative societies - HELD THAT:- As identical issue has been adjudicated in the case of Kaliandas Udyog Bhavan Premises Co-op Society Ltd [2018 (4) TMI 1678 - ITAT MUMBAI] and it has been decided in favour of the assessee as observed 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). Thus interest income on deposits kept with co-operative banks is eligible for deduction u/s 80P(2)(d) - we set aside the order passed by Ld CIT(A) and direct the AO to allow deduction u/s 80P(2)(d) in respect of interest income earned from deposits kept with cooperative banks. Assessee appeal allowed.
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