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2019 (10) TMI 1484 - AT - Income TaxRevision u/s 263 - Deduction u/s. 80P(2)(a)(i) - claim of the assessee of interest on FDR held with SBI and commission income from MSEB -.HELD THAT:- As identical issue has been decided by the co-ordinate bench of the Tribunal in assessee’s own case [2018 (11) TMI 1883 - ITAT MUMBAI] wherein identical question as held that the amount which was invested in banks to earn interest was not an amount due to any members. It was not the liability. It was not shown as liability in their account. In fact this amount which is in the nature of profits and gains, was not immediately required by the assessee for lending money to the members, as there were no takers. Therefore they had deposited the money in a bank so as to earn interest. The said interest income is attributable to carrying on the business of banking and therefore it is liable to be deducted in terms of Section 80P(1) of the Act. The order passed by the appellate authorities denying the benefit of deduction of the aforesaid amount is unsustainable in law. - Decided in favour of assessee.
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