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2010 (1) TMI 923 - ITAT, CHANDIGARHDeduction u/s 80P(2)(a)(i) in relation to the income earned by way of interest from commercial banks - assessee has been earning interest by way of providing credit facilities to its members - AO has not treated the income earned from the monies kept in the commercial banks as eligible for section 80P(2)(a)(i) - Held that:- Income earned on deposit of surplus funds with the bank is entitled to exemption under section 80P(2)(a)(i). It is noteworthy that the assessee was also an Apex Housing Co-operative Society, whose members were primary Co-operative Societies, order of the lower authorities set aside and directed the Assessing Officer to allow deduction under section 80P(2)(a)(i) in relation to the income earned by way of interest from commercial banks, appeal of the assessee is allowed.
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