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2023 (4) TMI 480 - ITAT BANGALOREDeduction u/s. 80P(2)(d) - interest income earned from two Bank - CIT(Appeals) observed that u/s. 80P(2)(d) interest income earned from investments with any other co-operative society is eligible for deduction and not from co-operative/nationalized banks - as observed by the AO that the surplus funds were invested in Fixed Deposits as investments in Co-operative Bank & Nationalised Bank - HELD THAT: - As in Totagars Co-operative Sale Society [2017 (7) TMI 1049 - KARNATAKA HIGH COURT] has decided in the issue observing substantial questions of law framed above are thus answered in favour of the Revenue and against the assessee and it is held that the income by way of interest earned by the assessee co-operative society during the Assessment Years 2007-2008 to 2011-12 on the investments made in the co-operative bank are not eligible for deductions under Section 80P(2)(d) -Thus the appeal of the assessee is dismissed.
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