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2015 (10) TMI 592 - AT - Income TaxEligibility of claim for deduction u/s.80P(2)(a)(i) - Held that:- Interest earned on short-term deposits and SB account balances which were from surplus funds, could be attributable to carrying on the business of banking. However in the case before us, there is nothing on record to show whether the deposits placed by the assessee were for short-term or long term. In such circumstances, we are of the view that the issue requires a fresh look by the AO, so as to correctly consider the allowability of the claim, after assimilating the facts correctly. We therefore set aside the orders of the authorities below and remit it back to Ld. AO for consideration afresh in accordance with law. - Decided in favour of assessee for statistical purpose.
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