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2021 (6) TMI 165 - ITAT HYDERABADSection 80P deduction qua its interest income derived from parking of surplus funds in nationalised banks - HELD THAT:- We find no substance in the Revenue's argument in view of the fact that the hon'ble jurisdictional high court's decision in The Vavveru Co-operative Rural Bank Ltd [2017 (4) TMI 663 - ANDHRA PRADESH HIGH COURT] and [2017 (4) TMI 1548 - ANDHRA PRADESH HIGH COURT] has settled the very issue in assessee's favour and against the department thereby granting Section 80P deduction to a co-operative society qua interest income derived from parking of surplus funds in nationalised banks as well. - Decided in favour of assessee. Denying Section 80P deduction on parking of surplus funds in private banks and the interest received from the LIC deposits involving varying sums - We find no merit in the assessee's stand since their lordships said decision applies in an instance of section 80P deduction on interest income derived from nationalised banks only. We thus affirm the CIT(A)'s reasoning denying the impugned relief to the assessee. These three cross-objections of the assessee are dismissed.
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