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2024 (5) TMI 159 - ITAT NAGPURDeduction u/s 80P(2)(a)(i) - interest derived from deposits of SLR funds [Statutory Liquidity Ratio] - DR argued that this amount has been found as the excessive component in assessee’s deduction claim which hardly deserves to be accepted for the purpose of computing the impugned deduction - HELD THAT:- Assessee has all along been claiming the impugned sum to be representing it’s SLR i.e., Statutory Liquidity Ratio as mandatory compliance of the various banking norms applicable in case of a co-operative society. It is in this factual backdrop that hon’ble apex court’s landmark decision CIT vs., Karnataka State Cooperative Apex Bank [2001 (8) TMI 9 - SUPREME COURT] and CIT vs. Nawanshahar Central Cooperative Bank Ltd.[2005 (8) TMI 28 - SC ORDER] have already settled the issue in assessee’s favour and against the department that such an interest derived from deposits of SLR funds duly qualifying for sec. 80P(2)(a)(i) deduction. Decided in favour of assessee.
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