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2011 (8) TMI 334 - MADRAS HIGH COURTRectification of mistake under Section 154 - Whether in the facts and circumstances of the case, the Tribunal was right in holding that the application of the judgment of the Supreme Court in the case of KARNATAKA CO-OPERATIVE BANK [2000 -TMI - 40313 - SUPREME Court]to the appellant's case is a defect rectifiable under Section 154 - Held that: - No -there is no mistake apparant on record Deduction under Section 80P(2)(a)(ii) - interest earned by the assessee on Kisan Vikas Patra and NSC etc. - business income or income from other sources - Apex Court decision in M/s Liberty India Versus Commissioner of Income Tax (2009 -TMI - 34471 - SUPREME COURT ) has held that connotations of the words 'derived from' is narrower as compared to that of the phrase 'attributable to'. The Apex Court pointed out that when the Parliament uses the expression 'derived from', it intended to cover sources which have a direct nexus to the business activities. - Deduction u/s 80P allowed.
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