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2016 (2) TMI 461 - AT - Income TaxDenial of exemption under section 80P(2) on the interest income earned from the fixed deposits with nationalized bank - Held that:- The total interest income received by the assessee from FDRs. in nationalized bank qualify for exemption under section 80P(2)(a)(i). But, since the assessee itself has offered an amount of ₹ 98,015/- for taxation, the assessee has not challenged the inclusion of this amount from its taxable income. The grounds of appeal which arose from the impugned order pertain to the amounts, over and above to this. Therefore, in view of above discussion, allow the claim of the assessee partly out of total interest income of ₹ 2,48,563/-. The ld.AO is directed to grant exemption under section 80P(2) of ₹ 1,50,548/-. - Decided in favour of assessee in part.
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