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2023 (5) TMI 34 - AT - Income TaxDeduction u/s 80P - As per AR Panchmahal District Co-operative Bank Limited and Dahod Urban Co-operative Bank Limited and interest received from these Co-operative Banks which were members of Co-operative Society Act should have been allowed - HELD THAT:- Panchmahal District Co-operative Bank Limited and Dahod Urban Co-operative Bank Limited both are registered under Societies Act and the interest received from these Co-operative Banks are allowable under Section 80P(2)(d) of the Act as per decision of Surat Vankar Sahakari Sangh Limited[2016 (7) TMI 1217 - GUJARAT HIGH COURT] as observed that the provision of Section 80P(2)(d) of the Act does not make any distinction in regard to source of the investment because this Section envisages deduction in respect of any income derived by the co-operative society from any investment with a co-operative society. These Co-operative Banks are also registered Co-operative Societies and, therefore, AO as well as the CIT(A) was not right in disallowing the deduction under Section 80P(2)(d) of the Act. Appeal of the assessee is thus allowed.
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