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2024 (1) TMI 949 - ITAT SURATDeduction u/s 80P - Assessee-Society had derived interest income derived from Nationalized Banks - HELD THAT:- We note that as per the provisions of section 80-P(2)(d) of the Act, the interest income earned out of investments/deposits with Co-Op. societies are only eligible for deduction. The interest income earned from other than Co-Op. Societies are not eligible for deduction under section 80-P(2)(d) of the Act. We note that assessee-society has not claimed the deduction under section 80-P(2)(d) of the Act, in respect of the above sum of Rs. 1,25,31,686/-, rather the assessee has shown the above Rs. 1,25,31,686/-, under the head ‘income from other sources’ and paid the taxes thereon, hence the question of disallowance does not arise. Based on these facts and circumstances, we delete the addition - Decided in favour of assessee.
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