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2011 (5) TMI 219 - HC - Income TaxDeduction under Section 80P(2)(a)(i) - Interest received by the assessee from commercial banks was not covered by Section 80P(2)(a)(i) - It has nothing to do with the interest income on the loan advanced to the members - The judgment of the Hon'ble Supreme Court in The Totgars Cooperative Sale Society Ltd. v. I.T.O. (2010 -TMI - 35322 - SUPREME COURT), holding that interest on bank deposits or Government securities derived by a Cooperative Society could not be attributed to the activities of the Society of providing various facilities to its members and was taxable under Section 56 being income from other sources - It appears that since the judgment of the Tribunal is prior to the judgment of the Hon'ble Supreme Court relied upon on behalf of the revenue, the Tribunal did not have advantage of the law laid down therein - Thus matter is covered in favour of revenue by the judgment of Hon'ble Supreme Court.
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