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2023 (3) TMI 49 - ITAT PUNEDeduction u/s. 80P(2)(d) - Interest income earned from such Cooperative Society - HELD THAT:- Section 80P(2)(d) provides that deduction shall be allowed “in respect of any income by way of dividend derived by the Co-operative Society from its investment with any other Co-operative Society”. The only requirement for claiming deduction under this provision is that the interest or dividend should be derived by the assessee’s Co-operative Society by making investment in any other Co-operative Society. In the aforestated decision of Pune Tribunal the Pune District Central Co-operative Bank [2022 (8) TMI 1291 - ITAT PUNE] has already been held to be a Co-operative Society and the assessee before us also has invested and earned interest and dividend income from the same Pune District Central Co-operative Bank. Since, it is a Co-operative Society, the interest earned from investment made in Pune District Central Co-operative Bank are eligible for deduction u/s. 80P(2)(d) of the Act. We set aside the respective NFAC orders for all the three appeals before us and direct the Ld. AO for granting deduction u/s. 80P(2)(d) of the Act to the assessee. The grounds of appeal are allowed.
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