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2023 (5) TMI 698 - ITAT AHMEDABADDeduction u/s 80P(2)(d) - disallowance of interest received on FDRs with the Ahmedabad District Cooperative Bank claimed as ‘Exempt’ u/s.80(P)(2)(d) - HELD THAT:- Ahmedabad District Co-operative Bank is registered under Societies Registration Act of Gujarat. In case of Surat Vankar Sahkari Sangh Limited [2016 (7) TMI 1217 - GUJARAT HIGH COURT] categorically mentioned provision of Section 80P(2)(d) of the Act does not make any distinction in regard to source of the investment because this Section envisages deduction in respect of any income derived by the co-operative society from any investment with a Co-operative Society. The Ahmedabad District Co-operative Bank is also a registered Co-operative Society and, therefore, the assessee is eligible for claiming deduction under Section 80P(2)(d) of the Act. DR has not pointed out any distinguishing facts from the decision of Hon’ble Gujarat High Court and that of assessee’s case. Therefore, the appeal of the assessee is allowed.
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