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2018 (3) TMI 308 - AT - Income TaxDeductions u/s.80P(2)(a)(i) - interest income earned on Fixed Deposits - Held that:- As decided in assessee's own case the amount which was invested in banks to earn interest was not an amount due to any members. It was not the liability. It was not shown as liability in their account. In fact this amount which is in the nature of profits and gains, was not immediately required by the assessee for lending money to its members, as there were no takers. Therefore they had deposited the money in a bank so as to earn interest. The said interest income is attributable to carrying on the business of banking and therefore it is liable to be deducted in terms of Section 80P(1) of the Act. - Decided against revenue
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