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2018 (1) TMI 1593 - ITAT COCHINDeduction u/s 80P(2)(d) - Interest income earned from deposits with the Trivandrum District Co-operative Bank Ltd., Thiruvananthapuram - whether a sum assessed as `income from other sources’ whether is entitled to deduction u/s 80P(2)(d)? - HELD THAT:- The Hon’ble Karnataka High Court in the case of Principal Commissioner of Income-tax & Anrs. Vs. Totagars Co-operative Sale Society [2015 (4) TMI 829 - KARNATAKA HIGH COURT] had categorically held that deduction u/s 80P(2)(d) of the I.T.Act is only for income received on investments with a Co-operative Society and not a Co-operative Bank. Whereas earlier Bench of the Hon’ble Karnataka High Court in the case of Principal Commissioner of Income-tax & Anrs. Vs. Totagars Co-operative Sale Society [2017 (1) TMI 1100 - KARNATAKA HIGH COURT] and held that Co-operative Society includes a Co-operative Bank and interest earned from deposits with a Co-operative Bank is also entitled to deduction u/s 80P(2)(d) of the I.T.Act. The assessee had specifically raised the contention that the assessee is only a Co-operative Society and not a Cooperative Bank. In the interest of justice and equity, we are of the view that the matter needs to be examined by the A.O. afresh in the light of the certificate issued by the Registrar of Co-operative Societies regarding the status of Trivandrum District Co-operative Bank Limited. - Decided in favour of assessee for statistical purposes.
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