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2016 (5) TMI 762 - AT - Income TaxEntitlement to the benefit of deduction u/s 80P(2)(a)(i) - Held that:- Assessee being a credit coop. society does not fall within the provisions of section 80P(4) of the Act as the assessee society is not required to be registered with Reserve Bank of India because for carrying on banking business it is must. We are therefore of the view that assessee is eligible for deduction u/s 80P(2)(a)(i) of the Act and no interference is called for in the order of ld. CIT(A) relating to this ground - Decided against revenue. Whether interest income on bank deposits is taxable as income from other sources u/s 56 of the Act and is not eligible for deduction u/s 80P(2)(a)(i)? - Held that:- Respectfully following the decision of the co-ordinate bench in the case of ITO vs. M/s Jafari Momin Vikas Co-op. Credit Society Ltd.(2014 (1) TMI 481 - ITAT AHMEDABAD ), we are of the view that assessee is eligible for deduction of bank interest.
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