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2023 (4) TMI 854 - AT - Income TaxDeduction u/s 80P - interest received from SBI and Dena bank savings account - HELD THAT:- Since the Hon’ble Gujarat High Court in the case of SBI [2016 (7) TMI 516 - GUJARAT HIGH COURT] has already decided this issue against the assessee, ground no.1 is dismissed. Interest received from Nationalised Banks/other Institutions - It is pertinent to note that the interest received from Nationalised Banks are not allowable u/s 80P or the Act, but at the same time the assessee has incurred certain expenditure to earn the said interest and whether the said proportionate expenditure should be allowable or not needs to be verified. Therefore, this issue is set aside to the file of the Assessing Officer for proper adjudication and verification. Ground no.2 is partly allowed for statistical purpose. Interest received from Co-operative Banks - It is pertinent to note that it is not disputed fact that the interest of Rs.11,23,088/- was not received by the assessee from Co-operative Banks which are registered under Co-operative Societies Act and as per the decision of Hon’ble Gujarat High Court in the case of Surat Vankar Sahakari Sangh Limited [2016 (7) TMI 1217 - GUJARAT HIGH COURT] interest received from Co-operative Banks are allowable for deduction under Section 80P(2)(d) of the Act. Therefore, ground no.3 is allowed.
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