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2022 (8) TMI 1291 - AT - Income TaxDenial of deduction u/s.80P(2)(a)(i) on interest income from bank - HELD THAT: -The Pune Benches of the Tribunal in Sureshdada Jain Nagari Sahakari Patsanstha Maryadit [2019 (4) TMI 682 - ITAT PUNE] decided the question of availability of deduction u/s 80P on interest income by noticing that the Pune Bench in an earlier case of Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit [2015 (8) TMI 1085 - ITAT PUNE] has allowed similar deduction. Reliance of the CIT(A) and the ld. DR on the case of Pr. CIT and Another Vs. Totagars Cooperative Sales Society [2017 (7) TMI 1049 - KARNATAKA HIGH COURT] is not relevant. Thus overturn the impugned order on this score and allow the deduction. Deduction on dividend received through investment in shares - HELD THAT:- Section 80P(2)(d) provides that deduction shall be allowed “in respect of any income by way of … dividend derived by the Cooperative Society from its investment with any other Cooperative Society”. Thus, it can be seen that the only requirement for claiming deduction u/s. 80P(2)(d) in respect of dividend is that it should be derived by the assessee cooperative society from its investments made with any other cooperative society. The assessee received dividend income in the instant case from another cooperative society, namely, Pune District Central Coop. Bank Ltd. Thus, the condition of section 80P(2)(d) is satisfied - herefore, direct to allow deduction. Assessee appeal allowed.
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