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2024 (5) TMI 583 - ITAT VISAKHAPATNAMDeduction us/ 80P(2)(a) or u/s 80P(2)(d) - income received on investment made with co-operative banks - HELD THAT:- On similar set of facts, coordinate Bench of this Tribunal in the case of The Andaluru Large Size Co-operative Society [2024 (5) TMI 516 - ITAT VISAKHAPATNAM] held in favour of the assessee, relying of the decision of Kakateeya Mutually Aided Thrift and Credit Co-op Society [2023 (9) TMI 211 - ITAT VISAKHAPATNAM] wherein as held assessee has invested surplus funds out of the activities carried out as per the provisions of section 80P(2)(a) of the Act. We therefore by respectfully following the jurisdictional High Court are of the view that interest income should be allowed as deduction u/s. 80P(2)(a)(i) of the Act and thereby the Ld. CIT(A)-NFAC has rightly held by deleting the addition made by the Ld. AO and hence we find no infirmity in the order of the Ld. CIT(A)-NFAC. Appeal of assessee allowed.
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