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2020 (5) TMI 135 - AT - Income TaxDeduction u/s. 80(P) - interest earned from its investments with the Dharmapuri district central co-op bank Ltd - AO held that the interest earned from investments made in any bank, not being a co-op society, is not eligible for deduction u/s. 80P(2)(d) and rejected the assessee’s claim - HELD THAT:- Assessee is a co-operative society. It has earned the impugned interest from Dharmapuri District Co-operative Bank Ltd., which is also a co-operative society engaged in banking business. As in the case of CIT vs Salem Agricultural Producers’ Cooperative Marketing Society [2016 (9) TMI 699 - MADRAS HIGH COURT] a District Central Co-operative Bank, is also a Society, in which event, the income by way of interest and dividend earned by the assessee/respondent Society from the investments made in Salem District Central Co-operative Bank, which is also a Co-operative Society is entitled for deduction under Section 80 P (2) (a) (i) of the Income Tax Act. Decision relied on by the assessee and considered by the Tribunal squarely applies to the facts on hand - Decided in favour of assessee.
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