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2016 (8) TMI 1395 - AT - Income TaxEntitlement to deduction u/s.80P(2)(a)(i) on the interest income kept with various banks other than cooperative banks/societies - Held that:- The assessee cooperative society is entitled to deduction u/s.80P(2)(a)(i) on the interest income of fixed deposits kept with banks other than cooperative banks/societies. Grounds raised by the assessee are accordingly allowed. See - TUMKUR MERCHANTS SOUHARDA CREDIT COOPERATIVE LIMITED VERSUS THE INCOME TAX OFFICER, WARD-1, TUMKUR [2015 (2) TMI 995 - KARNATAKA HIGH COURT] - decided in favour of assessee.
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