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2024 (1) TMI 325 - ITAT MUMBAIDeduction u/s 80P on interest income - interest income earned from Co-operative Bank is allowable as deduction u/s 80P(2)(d) of the Act or not? - HELD THAT:- In view of the consistent decisions taken by the Hon’ble Co-ordinate Benches of the Tribunal, the income if any earned by way of interest or dividend from the investments made with any other Co-operative Bank as well, is allowable as deduction under section 80P(2)(d) of the Act. Coming to the instant case, from the orders passed by the authorities below, nothing is clear about the bifurcation of interest amount earned and its is also not clear from which Co-operative banks the interest claimed has been earned and even the Assessee also did not file any bifurcation of the income earned from Co-operative banks before this bench. Thus for just decision of the case and for the ends of justice, the Assessee is directed to file bifurcation of interest/dividend income earned before the AO, who will accordingly grant the deduction qua interest earned from Co-operative Banks only. Appeal filed by the Assessee stands allowed in the aforesaid terms.
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