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2022 (8) TMI 1070 - AT - Income TaxDeduction u/s 80P - Amount of interest received from other than co-operative societies are not eligible for deduction - HELD THAT:- We note that issue under consideration is no longer res-integra. The Hon'ble High Court of Gujarat in the case of Surat Vankar Sahkari Sangh Ltd. [2016 (7) TMI 1217 - GUJARAT HIGH COURT] has held that interest income received from Co-operative Bank is allowable u/s 80P(2)(d) - We note that assessee has not claimed Nationalized Bank interest in Section 80P (2)(d) it has only claimed Co-op Bank Interest and Co-op Dividend under section 80P(2)(d) of the Act. That is, assessee-society has claimed deduction under section 80P(2)(d) of the Act, on interest and dividend income received from Co-operative societies and Co-operative Bank. Therefore, assessee-society is eligible to claim deduction u/s 80P(2)(d) of the Act, as held by the Hon'ble High Court of Gujarat in the case of Surat Vankar Sahkari Sangh Ltd. [2016 (7) TMI 1217 - GUJARAT HIGH COURT]. Therefore, we do not find any infirmity in the order of ld CIT(A).That being so, we decline to interfere with the order of Id. CIT(A) in deleting the aforesaid additions. His order on this addition is, therefore, upheld and the grounds of appeal of the Revenue are dismissed.
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