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2022 (9) TMI 970 - AT - Income TaxDisallowance u/s 80P(2)(d) - assessee is primarily a Co-operative Society dividend income and interest income earned from Surat District Co-Operative Bank, which is also primarily a Co- Operative Society - Whether Co-Operative Society is eligible for deduction under section 80P(2)(d) in respect of interest received from Co-Operative Bank without adjusting interest paid to said bank? - HELD THAT:- As respectfully following the decision Surat Vankar Sahakari Sangh Ltd. [2016 (7) TMI 1217 - GUJARAT HIGH COURT] and in Totagars Co-operative Sales Society [2017 (1) TMI 1100 - KARNATAKA HIGH COURT] wherein it was held that for the purpose of section 80P(2)(d) a Co-operative Bank should be considered by a Co-operative Society and interest earned by Co-operative Society from Cooperative Bank would necessarily be deductible. The assessee is primarily a Co-operative Society dividend income and interest income earned from Surat District Co-Operative Bank, which is also primarily a Co- Operative Society, therefore, the assessee is eligible for deduction under section 80P(2)(d). We direct the Assessing Officer to delete the disallowance and allowed deduction under section 80P(2)(d) of the Act. This ground of assessee’s appeal is allowed.
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