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2015 (3) TMI 1411 - AT - Income TaxDeduction u/s 80P - CIT(A) treating the receipts on account of interest from employees, interest on savings, dividend and income from no dues certificates as income from banking business activities and consequent allowance of deduction u/s 80P(2)(i)(a) & 80P(2)(d) - HELD THAT:- It is evident from the assessment order that the assessee had income from interest from the employees, interest on savings, dividend and income from no dues certificate which has been held by the AO as Income from other sources. CIT(A) had dealt with each items in his order and had given detailed findings on all the issues raised before him. After considering various judgements as mentioned above he treated the income as Income from business or profession and also entitled the assessee for deduction u/s 80P(2)(i)(a) of the Act i.e. interest from employees, interest on savings, dividend and Income from no dues certificate. DR has not controverted the findings given by the ld. CIT(A). The judgements relied on by the ld. DR in the cases of Totgar’s Co-operative Sale Society Ltd.[2010 (2) TMI 3 - SUPREME COURT] is on surplus fund deposited with bank and interest income. CIT vs. Nawanshahar Central Co-Op. Bank Ltd. 3 [2012 (9) TMI 404 - SC ORDER] are squarely applicable in this case as the Hon'ble Supreme Court allowed 80P(2)(a)(i) deduction on underwriting commission and interest on PSEP Bond. Thus in view of the facts and circumstances of the case, we find no reason to interfere in the order of the ld. CIT(A) and the appeal of the Revenue is dismissed.
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