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2022 (10) TMI 971 - AT - Income TaxDeduction ú/s. 80P - Disallowance of deduction claimed by holding the appellant as a co-operative bank - HELD THAT:- We observe that identical issue i.e. whether the assessee a cooperative society is entitled for deduction u/s. 80P(2)(d) of the Act on the interest income earned from other cooperative banks/societies has been decided by various Coordinate Benches in favour of the assessee. See Kshatriy Gadkari Maratha Cooperative Credit Society Ltd [2019 (4) TMI 1932 - ITAT MUMBAI] as held admittedly, the interest which the assessee respondent had earned was from a Co-operative Society Bank. Therefore, according to Sec. 80P(2)(d) of the I.T. Act, the said amount of interest earned from a Cooperative Society Bank would be deductable from the gross income of the Co-operative Society in order to assess its total income. Therefore, the Assessing Officer was not justified in denying the said deduction to the assessee respondent. Also see Kaliandas Udyog Bhavan Premises Co-op Hsg Society [2018 (4) TMI 1678 - ITAT MUMBAI] Thus we hold that the assessee a cooperative society is eligible for deduction u/s.80P(2)(d) of the Act in respect of the interest income earned by the assessee from either any other cooperative society or from a cooperative bank. Grounds raised by the assessee are allowed.
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