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2018 (1) TMI 602 - AT - Income TaxEntitlement to deduction u/s 80P(2) in respect of interest received on deposits with Sub-Treasuries - whether interest received on investments with sub-treasury is liable to be assessed under the head ‘income from other sources’ or ‘income from business’ - Held that:- In view of the judgment of the Hon’ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Coop Ltd (2015 (2) TMI 995 - KARNATAKA HIGH COURT) and Cochin Bench of the Tribunal in the case of Service Coop Bank Ltd.,(2016 (7) TMI 1405 - ITAT COCHIN), we are of the view that the assessee is entitled to the benefit of deduction u/s 80P(2) of the income-tax Act, with regard to interest received on deposits made by the assessee with sub treasury amounting to ₹ 3,30,866 for assessment year 2007-2008. - Decided in favour of assessee.
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