2022 (2) TMI 118

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....order passed by the CIT(A) on 20-08-2020 in relation to the assessment year 2017-18. 2. Tersely, the facts of the case are that the assessee is a Cooperative Society and filed its return declaring net profit of Rs. 11,50,144/- which was claimed as deduction u/s.80P(2)(a) of the Income-tax Act, 1961 (hereinafter also called 'the Act'). The AO denied the benefit of deduction u/s.80P on the ground t....

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....a Credit Cooperative Ltd. Vs. ITO (2015) 230 Taxman 309 (Kar.) allowing deduction u/s. 80P on interest income and that of the Hon'ble Delhi High Court in Mantola Cooperative Thrift Credit Society Ltd. Vs. CIT (2014) 110 DTR 89 (Delhi) not allowing deduction u/s.80P on interest income earned from banks. Both the Hon'ble High Courts took into consideration the ratio laid down in the case of Totgar's....