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2015 (2) TMI 5 - ITAT PUNETreatment the interest income received by the assessee Co-operative Society - income from other sources or business income - CIT(A) allowed the claim of the assessee on the ground that the assessee is entitled to deduction u/s.80P(2)(a)(i) on account of interest from banks other than cooperative banks, interest on mutual funds long term and short term capital gain on mutual funds etc - Held that:- Following the decision in the case of Niphad Nagari Sahakari Patshanshta Ltd., Nashik (2015 (1) TMI 1004 - ITAT PUNE ) hold that the interest income earned by the assessee credit society on the fixed deposits from the bank other than Co- operative Society is a part of its business income. Same way the interest earned on Saving Bank A/c. with the Sindhudurg District Central Co-operative Bank Ltd. is also part of its business income. Also the dividend income is deductible u/s. 80P(2)(d) of the Act. - Decided in favour of the assessee.
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