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2020 (3) TMI 1111 - AT - Income TaxDisallowance of deduction u/s 80P - whether the assessee being a co-operative society is eligible for deduction under section 80P of the Income Tax Act with respect to the income earned by the assessee on bank interest on fixed deposit receipts and savings bank accounts? - HELD THAT:- The above issue is covered by the decision in case of Totgar’s Co-operative Sale Society Ltd. v. ITO [2010 (2) TMI 3 - SUPREME COURT] wherein it has been considered and held that assessee is not eligible for deduction under section 80P of the Act on the bank interest received on fixed deposit receipts and savings bank accounts. Such interest income falls in the category of "Other income" which has been rightly taxed by the Department under section 56 - Decided against assessee.
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