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2017 (5) TMI 1655 - AT - Income TaxDeduction u/s 80P(2)(a)(i) in respect of interest earned on fixed deposits with Nationalised Banks - Held that:- In the present appeal is against the claim of deduction under section 80P(2)(a)(i) of the Act on interest income received from fixed deposits with Bank of India, HDFC Bank, State Bank of India and Development Credit Bank. The said issue is squarely covered by the order of the Tribunal in ITO Vs. Niphad Nagari Sahakari Patsanstha Ltd. [2015 (1) TMI 1004 - ITAT PUNE] wherein the Tribunal had held that the assessee is entitled to claim deduction under section 80P(2)(a)(i) on the interest income received by it on bank fixed deposits. The relevant findings of the Tribunal are reproduced at page 9 of the appellate order but are not being reproduced for the sake of brevity. Following the same parity of reasoning, we find no merit in the grounds of appeal raised by the Revenue and hence the same are thus dismissed. - Decided against revenue.
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