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2023 (5) TMI 842 - ITAT PUNEDisallowing deduction u/s.80P - interest income earned by the assessee from co-operative banks - HELD THAT:- The extant issue is no more res integra in view of the catena of decisions delivered by the Pune Benches. The Pune Bench in Rena Sahakari Sakhar Karkhana Ltd. [2022 (1) TMI 419 - ITAT PUNE] held that though co-operative banks, other than primary agricultural credit society or a primary co-operative agricultural and rural development bank, are not eligible for deduction pursuant to insertion of section 80P(4) w.e.f. 1.4.2007, but this provision does not dent the otherwise eligibility u/s 80P(2)(d) of a co-operative society on interest income on investments/deposits parked with a co-operative bank, which is a registered co-operative society as per section 2(19) of the Act, defining co-operative society to mean a co-operative society registered under the Co-operative Societies Act, 1912 or under any law for the time being in force. The payer of interest is also a Co- operative society registered under the Cooperative Societies Act. Direct to grant deduction u/s.80P(2)(d) of the Act on the amount of interest earned from various cooperative banks. Appeal of assessee allowed.
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