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2018 (3) TMI 1825 - AT - Income TaxDeduction u/s 80P (2)(a)(i) - whether the assessee would be entitled to deduction u/s 80P(a)(2)(i) of the Act on interest earned on deposits with bank? - HELD THAT:- Treatment of interest earned on provident fund and rental income as attributable to banking business 'and this qualifying for deduction u/s 8OP(2)(a)(i) of the Act. We hold that the issue is squarely covered in favour of the assessee by the decision of the Tribunal and the Jurisdictional High Court in assessee's own case. Deduction under the provisions of section 80P(2)(a)(i) - HELD THAT:- Deduction is available to the assessee from the business of banking or providing credit facilities the members. The issue before us is with regard to the income earned by the assessee from the running and maintenance of holiday homes for the members. Thus, in our considered view the same cannot be allowed as deduction under the provisions of section 80P(2)(a)(i)
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