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2019 (1) TMI 650 - AT - Income TaxBenefit of deduction u/s 80P - assessee contended that the income earned by it was primarily from other co-operative societies and co-operative banks only which is claimed as deduction u/s 80P(2)(d) of the Act and that it is not a bank as concluded by the AO - Held that:- The issue should be restored back to the AO for a fresh decision after examining the facts in the light of these judgment of the Hon'ble Apex Court rendered in the case of The Totgars Co-operative Sale Society Ltd. (2010 (2) TMI 3 - SUPREME COURT) and case of Tumukur Merchants Souharda Co-operative Ltd. (2015 (2) TMI 995 - KARNATAKA HIGH COURT). We also make it clear that the examination of claim for deduction in respect of interest income of ₹ 2,14,13,128/- received on deposits from other Co-operative Societies and with Co-operative banks will be made only u/s.80P(2)(a)(i) and in so far as deduction u/s.80P(2)(d) of the Act is concerned, the same becomes not allowable in view of the decision of Karnataka High Court in the case of PCIT Vs. Totgars Cooperative Sale Society Ltd. (2017 (7) TMI 1049 - KARNATAKA HIGH COURT). - Appeal by the Revenue treated as allowed for statistical purposes.
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