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2019 (5) TMI 704 - AT - Income TaxDeduction u/s 80P(2)(d) - interest earned from deposits in Co-operative Banks and nationalised Banks - HELD THAT:- This issue for consideration before us has been considered and decided against the assessee by following the decision of THE TOTAGARS CO-OPERATIVE SALE SOCIETY, [2017 (1) TMI 1100 - KARNATAKA HIGH COURT] considering M/S. THE TOTGARS´ COOPERATIVE SALE SOCIETY LIMITED VERSUS INCOME TAX OFFICER. KARNATAKA [2010 (2) TMI 3 - SUPREME COURT] we hold that the assessee is not entitled for being allowed deduction under section 80P(2)(d) of the Act on interest income earned on deposits made with Co-operative Banks and nationalized Banks - Decided against assessee. Deduction u/s 80P( 2) (c) - ‘Profits and gains’ used in section 80P(2)(c) - as submitted that the profits and gains attributable to such activities include the activities of the assessee and the profit earned by the assessee from such activities - claim of the assessee is that the assessee falls within the category of 80P(2)(c) and therefore is entitled to deduction as mentioned in the said provision upto an amount of ₹ 50,000/-, whereas case of the Revenue is that as the activities of the assessee are not eligible for deduction under any of the clauses - HELD THAT:- This issue is no more resintegra as various high court and tribunal had decided this issue in favour of assessee. See FILM NAGAR CO-OPERATIVE HOUSING SOCIETY LTD. VERSUS INCOME-TAX OFFICER. [2002 (7) TMI 233 - ITAT HYDERABAD-B] , TAMIL NADU BRICK AND TILE MANUFACTURERS INDUSTRIAL SERVICE CO-OPERATIVE SOCIETY LTD. VERSUS COMMISSIONER OF INCOME-TAX. [2002 (12) TMI 24 - MADRAS HIGH COURT] In view of the above the assessee is entitle to deduction under section 80P( 2) (c) of the Act as the assessee was carrying the cooperative activities within the meaning of law - Decided in favour of assessee
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