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Disallowance of deduction claimed u/s. 80P - the funds available...

Court Rules Interest Income from Fixed Deposits Eligible for Deduction u/s 80P for Credit Facility Providers.

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Income Tax September 9, 2023 Case Laws AT
Disallowance of deduction claimed u/s. 80P - the funds available are for the business purpose of providing credit facilities - It is only because in a given point of time, there is no demand for loan that they have been parked with the banks as fixed deposit - Assessee is entitled for deduction of interest income earned from deposits made by it with banks which has arisen out of deposits received from its members pursuant to conduct of business of providing credit facilities to its members. - AT

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Acts Income Tax