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2024 (1) TMI 27 - AT - Income TaxRevision u/s 263 - As per CIT AO has erroneously allowed the deduction u/s. 80P(2)(a)(i) in respect of interest income earned from Co-operative banks and hence it is prejudicial to the interest of Revenue - HELD THAT:- As respectfully following the Hon’ble Supreme Court decision in the case of Mavilayi Service Co-operative Bank Limited,[2021 (1) TMI 488 - SUPREME COURT], decision in the case of S-1308, Ammapet Primary Agricultural Cooperative Bank Ltd.[2016 (8) TMI 560 - MADRAS HIGH COURT] and Tamilnadu Co-operative State Agriculture and Rural Development Bank Limited,[2022 (6) TMI 770 - ITAT CHENNAI] and in view of the above findings that the assessee had earned interest income from deposits from Central Co-operative Bank & Tamil Nadu State Apex Co-operative Bank, we are of the view that the Assessing Officer had rightly allowed the claim of deduction u/s. 80P(2)(a)(i) of the Act and hence the revision order is reversed and the appeal of the assessee is allowed.
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