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2015 (10) TMI 2172 - AT - Income TaxClaim of deduction u/s 80P - interest earned on the deposits kept with bank - Held that:- Assessee’s case is squarely covered by the decision of the Coordinate Benches in assessee’s own case for AYs. 2006-07 and 2007-08 and further the decision of Hon’ble Supreme Court in the case of Totgars Co-op Sale Society Ltd (2010 (2) TMI 3 - SUPREME COURT) will not apply on the assessee due to different facts. The Revenue has not been able to bring any material on record to prove that assessee society had retained any amount out of the agricultural sale proceeds which were payable to its members and were held as a liability in the books of assessee society for short span of time and interest income have been earned by the assessee society on such surplus funds. Therefore, we are of the view that interest earned by the assessee society is eligible for deduction under section 80P(2)(c) of the Act. - Decided in favour of assessee.
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