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2022 (10) TMI 1027 - AT - Income TaxDeduction u/s 80P(2)(d) - interest income from Co-operative Banks - conflicting decisions - whether interest income derived from deposits with cooperative banks is eligible for deduction under section 80P(2)(d) of the Act or not? - HELD THAT:- The Hon'ble Bombay High Court in the case of K. Subramanian vs. Siemens India Ltd. [1983 (4) TMI 3 - BOMBAY HIGH COURT] has held that when two conflicting decisions of non-jurisdictional High Courts are available, the view that favours the assessee is to be preferred. Accordingly, following the decision of Totagars Co-operative Sale Society [2017 (1) TMI 1100 - KARNATAKA HIGH COURT] and case of Vankar Sahakari Sangh [2016 (7) TMI 1217 - GUJARAT HIGH COURT] the deduction claimed by the assessee under section 80P(2)(d) of the Act in respect of interest derived from investments with the cooperative banks is allowed. Appeals by assessee are allowed.
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