TMI Blog2022 (6) TMI 816X X X X Extracts X X X X X X X X Extracts X X X X ..... held that Section 80P(2)(d) specifically exempts interest earned from funds invested in co-operative societies and therefore, to the extent of the interest earned from investments made by it with any co-operative society, a co-operative society is entitled to deduction of the whole of such income under section 80P(2)(d). Interest earned from investments made in any bank, not being a co-operati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... GTAP, VICE-PRESIDENT: In this case, the appeal filed by the assessee was earlier disposed of by the Tribunal vide its order dated 14.12.2021 wherein the issue raised in Ground Nos. 3-5 relating to the assessee s claim for deduction under Section 80P(2) of the Income-tax Act, 1961 ( the Act in short) in respect of interest earned from co-operative banks amounting to Rs. 72,39,179/- was decide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of the assessee vide order dated 13.04.2022 whereby the order of the Tribunal dated 14.12.2021 was recalled by the Tribunal for the limited purpose of fresh adjudication of Ground Nos. 3 to 5. 2. We have heard the arguments of both the sides on the issue raised in Ground Nos. 3 to 5 of the assessee s appeal relating to its claim for deduction under Section 80P(2) of the Act in respect of i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . In the present case, the amount of interest in question was earned by the assessee from co-operative banks and this being the undisputed position, we hold, following the decision of the Hon ble jurisdictional High Court in the case of State Bank of India (supra), that the said interest income is eligible for deduction under Section 80P(2)(d) of the Act. The impugned order passed by the learned C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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