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2010 (1) TMI 23 - HC - Income TaxDeduction u/s 80P(2)(a)(i) – co-operative bank – ITAT decided that interest earned by the Co-operative Bank on deposits of its non SLR funds qualify for deduction u/s 80 P(2)(a)(i) of I.T. Act, 1961 – held that – The deposit exceeding Statutorily Liquidity Rate (SLR) is also in relation to banking activity. Hence the income accrued out of such deposit also attributable to the bank business and deductible under Section 80P(2)(a)(i) of the Act – income is eligible for deduction.
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