Interest Income from Bank Deposits Eligible for Deduction u/s 80P(1) Due to Lack of Lending Demand.

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....Denial of deduction u/s.80P - the amount which is in the nature of profits and gains, was not immediately required by the assessee for lending money to the members, as there were no takers. Therefore they had deposited the money in a bank so as to earn interest - it is liable to be deducted u/s 80P(1) - AT....