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2015 (12) TMI 291 - AT - Income TaxEligibility of deduction u/s 80P - Held that:- Assessee society in the interest of its members as well as in the interest of the object of the society as well as a safety measure minimum liquid funds and convenience of fund movements, the appellant society has kept its surplus liquid funds with different nationalized banks and relying on the judgment of Hon’ble Karnataka High Court in Tumkur Merchants Souharda Credit Co-op. Ltd. vs. ITO [2015 (2) TMI 995 - KARNATAKA HIGH COURT] we hereby hold that the interest income is eligible for deduction under section 80P(2)(a)(i) of the Act. - Decided in favour of assessee. Addition adopting electricity collection charges - Held that:- CIT(A) has already granted relief to the assessee by directing the AO to delete the addition as held the appellant has been providing the collection and payment of electricity bill service to its members for which a commission is earned to meet expenses. Because the service is provided to all its members, such activities formed part of the business of the appellant and the income if any out of such service will be exempted. Thus, AO is directed to delete the addition made in this ground. - Decided in favour of assessee.
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