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2022 (1) TMI 642 - ITAT HYDERABADRevision u/s 263 by CIT - AO had accepted these taxpayer identical section 80P(aa) deduction claims pertaining to the interest income derived from nationalized banks - Pr. CIT holds that the hon'ble apex court's decision in Totgars Co-operative Society Ltd. [2010 (2) TMI 3 - SUPREME COURT] as well as CIT vs. Nawanshahar Central Co-op Bank Ltd. [2005 (8) TMI 28 - SC ORDER] have already held that such deduction isn't available to a society like the assessee but banks only and also referred to the CBDT Circular No. 18/2015 to the very fact - HELD THAT:- Issue of as to whether a cooperative society is eligible for section 80P(aa) deduction qua, the interest income derived from deposits made in the nationalized banks is no more res integra as the Tribunal coordinate bench decision in [2021 (9) TMI 1327 - ITAT HYDERABAD] takes note of the hon'ble jurisdictional High Court decision in Vavveru Coop. Rural Bank [2017 (4) TMI 663 - ANDHRA PRADESH HIGH COURT] hold that both the Assessing Officers therein had not committed any error in not disallowing the assessees' section 80P(2)(d) deduction claims in issue qua the respective interest income derived form fixed deposit in nationalised banks. The PCITs' revision direction under challenge herein forming subject matter of these two appeals stand reversed on the very analogy therefore. We adopt the foregoing detailed discussion mutatis mutandis to hold that the Pr. CIT's revision direction therein under challenge are not sustainable in law. The same stand reversed in all the instant three cases therefore. - Decided in favour of assessee.
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