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2023 (12) TMI 1315 - ITAT BANGALOREDeduction u/s 80P(2)(a)(i) - interest earned by the co-operative society - Assessee is a cooperative society engaged in the business of extending credit facility and accepting deposits from its members, registered under Karnataka Cooperative Societies Act and has been assessed to Income-tax from year to year - HELD THAT:- We have considered the judgment passed by the coordinate bench in the case of M/s Kammavari Credit Cooperative Society Ltd [2023 (9) TMI 1468 - ITAT BANGALORE] fixed deposits were made out of the money not required by the society immediately for lending. Further that this was also not out of the money due to the members. In that view of the matter, the interest earned from such investment was attributable to the carrying out of the business of the appellant society and the judgment mentioned hereinabove in case of M/s. Guttigedarara Credit Co-operative Ltd. [2015 (7) TMI 874 - KARNATAKA HIGH COURT] squarely applies to the facts of the present case. The ultimate prayer was to allow the income earned by the assessee. Thus, it appears that this issue is squarely covered in favour of the assessee and assessee is rightly allowed the deduction u/s 80P(2)(a)(i) of the Act by the ld.CIT(A). No reason to interfere with the orders passed by the ld.CIT(A) in granting relief to the assessee. Appeal of the Revenue is dismissed.
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