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2018 (10) TMI 282 - AT - Income TaxClaim of deduction u/s 80P(2) - assessee is a primary agricultural credit society, registered under the Kerala Co-operative Societies Act, 1969 - Held that:- In the instant case, the assessee is primary agricultural society. A certificate to the above effect is on record. In view of the judgment of the Hon'ble Jurisdictional High Court in the case of The Chirakkal Service Co-op Bank Ltd. & Ors. (2016 (4) TMI 826 - KERALA HIGH COURT), we hold that the assessee-society is entitled to the benefit of deduction u/s. 80P of the Act. Eligible for deduction u/s 80P(2)(a)(i) - co-operative societies engaged in providing credit facilities to its members, in course of its business had made investments with treasury, bank etc. and earned interest income - Held that:- In the instant case the assessee had made investments with sub-treasuries and banks in the course of its business of banking / providing credit facilities to its members. Therefore, it was entitled to deduction u/s 80P(2)(a)(i) in respect of interest income that was received on such investments. See Vaveru Co-operative Rural Bank Ltd. v CIT [2017 (4) TMI 663 - ANDHRA PRADESH HIGH COURT].
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