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2022 (11) TMI 669 - AT - Income TaxDeduction u/s. 80P(2)(a)(i) - Interest earned from saving bank account - in the instant case alleged interest is neither earned on any surplus/idle funds nor from any fixed deposits. The said sum is in the nature of saving bank interest - HELD THAT:- Since the alleged sum is earned from saving bank account, which is akin to the business activities carried out by the assessee the alleged interest is not earned from any surplus or idle funds and it is part of the business income and therefore, the judgment of the Hon’ble Apex Court in the case of Totgars Co-op Sale Society Ltd [2010 (2) TMI 3 - SUPREME COURT] is not applicable on the facts of the instant case. Thus the alleged sum is eligible for deduction u/s. 80P(2)(a)(i) of the Act and should not be treated as income from ‘other sources’. Therefore, reverse the findings of the ld. CIT(A) and allow all the grounds raised by the assessee for the AY 2017-18.
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