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2010 (4) TMI 805 - AT - Income TaxApplicability of provisions of Section 14A - 'exempted income' versus 'deductible income' - held that:- it has not been disputed that income was derived by the assessee from co-operative banks and interest on deposits with the co-operative bank and the same are not exempt under section 10 and are includible in its income. Deduction, if any, is given by the statute under section 80P which pertains to deduction of income. The terms "exempt income" and "deduction from income" are two different propositions and a deduction from income will not amount to an exemption from income. Since both the above receipts of the assessee were not exempt and includible in income merely because deduction under section 80P is provided, it cannot be assumed to be hit by section 14A. - Decided in favor of assessee.
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