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2014 (1) TMI 433 - AT - Income TaxDeduction u/s 80-P – Interest earned on Bank Fixed Deposit - Held that:- The assessee is not a co-operative Bank, but its nature of business was coupled with banking with its members, as it accepts deposits from and lends the same to its members - To meet any eventuality, the assessee was required to maintain some liquid funds - The assessee had invested in short-term deposits – The interest income is not taxable u/s 56 - benefit of deduction u/s.80P(2)(a)(i) was rightly granted by ld.CIT(A) - Decided in favour of assessee.
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