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2023 (2) TMI 202 - AT - Income TaxDeduction u/s 80P - interest income derived from cooperative/nationalized banks - lower authorities held assessee as a cooperative bank and not a cooperative credit society eligible for the impugned deduction - HELD THAT:- We find no merit in Revenue’s arguments. It is made clear that hon'ble apex court’s recent landmark decision in Mavilayi Service Co-operative Bank Ltd. [2021 (1) TMI 488 - SUPREME COURT] has settled the law in assessee’s favour and against the department so far as its status as a credit cooperative society as well as distinction between nominal and regular members is concerned. Revenue’s arguments on both these twin aspects are rejected therefore outcome is no different regarding the assessee’s interest income derived from cooperative/other banks wherein the tribunal’s recent coordinate bench’s order in Bhimashankar Sahakari Sakhar Karkhana Ltd. Pune[2023 (2) TMI 134 - ITAT PUNE] Revenue is fair enough in not pinpointing any distinction on facts or law so far as the instant issue of sec.80P deduction is concerned. The assessee’s instant sole substantive ground hereinabove succeeds.
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