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2015 (7) TMI 10 - HC - Income TaxEntitlement to benefit under Section 80P(2)(a)(i) - whether a voluntary investment made by the assessee and the interest earned from such investment is amenable for the benefit under Section 80P(2)(a)(i) - Held that:- As at presently advised, we are of the opinion that the deposit of non-statutory fund made by the assessee amounts to an investment which is one of the activities of a banking company contemplated under Section 5(b) of the Banking Regulation Act, 1949 quoted above. We find therefore, no reason why the income should not be treated as a business income. It was not disputed by Mr.Bhowmik that if it is the business income then it is amenable to benefit under Section 80P(2)(a)(i). - Decided in favour of assessee.
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