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2018 (5) TMI 1821 - AT - Income TaxDenial of deduction u/s.80P - interest earned on Fixed Deposits with Nationalized Banks - Held that:- As decided in ITO Vs. Swa Ashokrao Bankar Nagari Sah. Patsanstha Maryadit [2016 (7) TMI 1484 - ITAT PUNE] Society which is carrying on the business of banking activity and providing credit facility to its members is eligible for deduction u/s.80P(2)(a)(i). The assessee is entitled to claim the deduction under section 80P(2)(a) on the interest income earned from investment in fixed deposits with Nationalized Banks. Accordingly, the said deduction is directed to be allowed by the Assessing Officer. - Decided in favour of assessee
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