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2014 (4) TMI 1234 - AT - Income TaxExemption u/s 80P(2)(a)(i) on interest income as earned on the fixed deposits fro banks - income declared by the assessee was directly attributable to investments made with non-members, namely, banks - assessee before us is a Co-operative Society registered under the Maharashtra Co-operative Societies Act, 1960 - Held that:- As decided in ITO WARD-1(4), NASHIK VERSUS NIPHAD NAGARI SAHAKARI PATSANSTHA LTD. [2015 (1) TMI 1004 - ITAT PUNE] the society is a credit cooperative society authorised by the registrar of cooperative societies for accepting deposits and lending money to its members as per license granted by the registrar of cooperative societies and the main object of the society is to provide credit facility to members who can be any person of the society. A credit 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). - Decided in favour of assessee.
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