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2024 (4) TMI 746 - AT - Income TaxDeduction u/s 80P - interest income(s) derived from such nationalized/other bank(s) - HELD THAT:- The issue is no more res integra in light of this tribunal’s recent coordinate bench’s order in The Rena Sahakari Sakhar Karkhana Ltd [2022 (1) TMI 419 - ITAT PUNE] allowed the assessee’s claim for deduction under Sec. 80P(2)(d) on the interest income earned on its investments/deposits with co-operative bank. Even the latter limb of interest income derived from investments made in nationalized/other bank(s), the Revenue could hardly dispute that case law The Vaveru Cooperative Rural Bank Ltd. [2017 (4) TMI 663 - ANDHRA PRADESH HIGH COURT ] that interest income(s) derived from such nationalized/other bank(s) also qualifies for Sec. 80P deduction and thereby declined it’s very stand. Thus accept the assessee’s Sec. 80P(2)(a)(i)/80P(2)(d) deduction claim(s) in very terms - Decided in favour of assessee.
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