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2018 (6) TMI 1042 - ITAT COCHINDisallowance of deduction u/s 80P(2) - interest earned on investment made with sub-treasuries, various scheduled banks - Held that:- Assessee is a primary agricultural credit society registered under the Kerala Cooperative Societies Act 1969 - assessee do not posses any banking license from the Reserve Bank of India and is not exclusively carrying on any banking facility; but it is carrying on business of lending money to its members and therefore is covered u/s 80P(2) - thus relying on the judgement in case of TUMKUR MERCHANTS SOUHARDA CREDIT COOPERATIVE LIMITED VERSUS THE INCOME TAX OFFICER, WARD-1, TUMKUR [2015 (2) TMI 995 - KARNATAKA HIGH COURT] we are of the view that the assessee is entitled to the benefit of deduction u/s 80P(2) with regard to interest received on deposits made by the assessee with sub treasury and Trivandrum District Co-operative Bank for Asst. Year 2014-2015 - Decided in favor of assessee.
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