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2016 (7) TMI 1498 - AT - Income TaxDeduction u/s 80P(2)(a)(i) in respect of bank interest income - Held that:- An identical issue of claim of deduction under section 80P(2)(a)(i) of the Act in respect of interest income earned by a credit co-operative society had arisen before the Tribunal in ITO Vs. M/s. Kundalika Nagari Sahakari Patsanstha Maryadit (2016 (2) TMI 879 - ITAT PUNE) and the Tribunal after considering the ratio laid down by the Hon’ble Supreme Court in Totgars Co -op. Sale Society Ltd. Vs. ITO [2010 (2) TMI 3 - SUPREME COURT] held assessee is entitled to the claim of deduction under section 80P(2)(a)(i) of the Act. The additional interest income of ₹ 33,810/- is also arising on account of interest due on FDs and on the said amount also, the assessee is entitled to claim the deduction under section 80P(2)(a)(i) of the Act. Accordingly, the Assessing Officer is directed to allow the same. The grounds of appeal raised by the assessee are thus, allowed.
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