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2024 (1) TMI 480 - AT - Income TaxDeduction u/s. 80P - income earned as interest/dividend from co-operative bank - Claim disallowed in view of the provision of section 80P(4) - Assessee is not a Co- operative Bank carrying banking business and, therefore, not hit by the newly inserted provision of section 80P(4) of the Act - HELD THAT:- As relying on Pathare Prabhu Co-operative Housing Society Ltd. [2023 (7) TMI 1272 - ITAT MUMBAI] Income if any earned by way of interest or dividend from the investments made with any other Co- operative Bank as well, is allowable as deduction under section 80P(2)(d) of the Act. Accordingly the AO is directed to allow deduction qua interest earned from Co-operative Banks only but subject to verification. Assessee appeal allowed as aforesaid.
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