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2019 (1) TMI 1012 - AT - Income TaxEligibility of deduction u/s. 80P for interest income from bank - Held that:- The assessee is directed to obtain certificate from RBI regarding the nature of business of assessee society within reasonable time and if it is certified by RBI that the assessee’s business is not that of a cooperative bank then it cannot be said that the assessee is a co-operative bank. If it is found that assessee is a co-operative bank then assessee cannot be allowed any deduction u/s. 80P but if it is found that the assessee is not a co-operative bank then in respect of deduction u/s. 80P for interest income from bank, the facts of the present case has to be examined in the case of PCIT and Another Vs. Totagars Co-operative Sale Society Ltd. [2017 (7) TMI 1049 - KARNATAKA HIGH COURT] and Tumkur Merchants Souharda Credit Cooperative Ltd. vs. ITO [2015 (2) TMI 995 - KARNATAKA HIGH COURT] and if it is found that the facts of present case are in line with the facts in the case of PCIT and Another Vs. Totagars Co-operative Sale Society Ltd. (supra), then the issue should be decided against the assessee and if it is found that the facts of present case are in line with the facts in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. vs. ITO (supra), then the issue should be decided in favour of the assessee
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