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2019 (2) TMI 2090 - AT - Income TaxDeduction u/s. 80P(2)(d) - interest earned out of surplus funds from investment made in any bank - HELD THAT:- Assessee society is engaged in the business of accepting deposits from members and granting them credit facilities which is in the nature of banking business and deposits in question were made in the course of the said business of the assessee society. Therefore, we find that the present case of the assessee is squarely covered by the decision of NIPHAD NAGARI SAHAKARI PATSANSTHA LTD. [2015 (1) TMI 1004 - ITAT PUNE] - Therefore, we observe that whenever, the credit society is carrying on business of accepting deposits from members and providing them credit facilities, it is allowable for deduction u/s. 80P(2)(ai) - Hence, we do not find any infirmity in the order of the Ld. CIT(Appeals) and relief provided to the assessee is thereby sustained.
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