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2023 (11) TMI 28 - AT - Income TaxDeduction u/s. 80P(2)(d) - interest income from investment in Co-operative bank - assessee is a Primary Agricultural Credit Society registered under the Tamil Nadu Cooperative Societies Act, 1983 carrying on the business of banking or providing credit facilities to its members - HELD THAT:- Hon’ble Supreme Court has considered the identical issue in the case of Kerala State Co-operative Agricultural and Rural Development Bank Ltd [2023 (9) TMI 761 - SUPREME COURT] wherein as stated that the Central Co-operative Bank is a Co-operative Society which is registered under the Kerala State Co-operative Societies Act, then it is not a bank per se governed by RBI. Similarly in the present case before us, the Erode District Central Co-operative Bank also governed by Tamil Nadu Co-operative Societies Act and once it is governed by Co-operative Societies Act, the assessee is eligible for claim of deduction u/s. 80P(2)(d) - Claim of assessee allowed.
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