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2024 (5) TMI 393 - ITAT PUNEExemption u/s 80P(2)(a)(i) or u/s 80P(2)(d) - interest income earned from Nationalised banks/cooperative banks - HELD THAT:- We find this issue is no more res integra by virtue of several decisions of the Tribunal as well as the decision of Sai Prerana Gramin Bigarsheti Sahakari Pat Sanstha Maryadit [2019 (7) TMI 1582 - ITAT PUNE] allowing deduction u/s. 80P. As relying on M/S. RATNATRAY GRAMIN BIGAR SHETI SAH. PAT SANSTHA MARYADIT [2018 (12) TMI 1926 - ITAT PUNE] as following TUMKUR MERCHANTS SOUHARDA CREDIT COOPERATIVE LIMITED case [2015 (2) TMI 995 - KARNATAKA HIGH COURT] the interest income earned on fixed deposits with cooperative bank/scheduled bank partakes character of the business income, which is eligible for deduction u/s 80P(2)(a)(i) of the Act. Therefore, we direct the Assessing Officer to allow the exemption u/s. 80P(2)(a)(i) and section 80P(2)(d) of the Act. Thus, the grounds of appeal filed by the assessee stand allowed.
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