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2019 (4) TMI 1932 - ITAT MUMBAIEntitlement for deduction u/s. 80P(2)(d) - interest earned from investments in cooperative banks/cooperative societies - HELD THAT:- Provisions of section 80P(2)(d) of the Act are very clear and assessee is entitled for deduction u/s.80P(2)(d) of the Act in respect of interest or dividends received from investments made with any other cooperative societies. At this stage it is relevant to note that in the case of Pr.CIT v. Totgar Cooperative Sales Society Limited [2017 (1) TMI 1100 - KARNATAKA HIGH COURT] considered the meaning of the word “cooperative society” within the provisions of section 80P(2)(d) and held that cooperative society includes cooperative bank for the purpose of deduction u/s.80P(2)(d) of the Act. Therefore, it has been held that interest received by the cooperative society from the cooperative bank is eligible for deduction u/s. 80P(2)(d) of the Act. While holding so, the Hon'ble High Court also considered the decision of the Hon'ble Supreme Court in the case of the very same assessee reported in The Totgar Cooperative Sales Society Limited v. ITO [2010 (2) TMI 3 - SUPREME COURT] Assessee is a cooperative society engaged in the business of providing credit facilities to its members is eligible for deduction u/s.80P(2)(d) of the Act in respect of interest income earned by the assessee from either any other cooperative society or from a cooperative bank. Grounds raised by the assessee on this issue are allowed.
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