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2018 (4) TMI 1931 - AT - Income TaxExemption u/s 80P(2)(a)(vi) - interest earned on fixed deposits on accrual basis - CIT(A) had restricted the addition to 50% of interest earned on the ground that some fixed deposits were required to be kept by the assessee co-operative society being bank guarantee to procure the business - HELD THAT:- Applying the principle laid down by the Tribunal in assessee’s own case [2016 (12) TMI 297 - ITAT PUNE], which in turn, has been given effect to by the Assessing Officer in assessment year 2011-12 also, it is held that interest earned by the assessee on fixed deposits is entitled to deduction claimed under section 80P(2)(a)(vii) of the Act. Accordingly, the Assessing Officer is directed to allow the same. The grounds of appeal raised by the assessee are thus, allowed.
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