Section 80P deduction on interest income from surplus funds upheld where no factual distinction was shown.

Deduction under section 80P was held allowable on interest income from surplus funds placed in a post office or commercial bank because the issue was already covered by an earlier tribunal ruling in the assessee's own case. The Revenue did not show any material factual distinction to justify a different view, so the tribunal followed the prior decision and rejected the Revenue's challenge.

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Issues: Whether deduction under section 80P of the Income-tax Act, 1961 was allowable in respect of interest income earned from surplus funds deposited in post office or commercial bank.

Analysis: The issue was found to be covered by an earlier tribunal decision in the assessee's own case. No material factual distinction was shown by the Revenue to justify a different view.

Conclusion: The deduction under section 80P was held allowable on the interest income, and the Revenue's challenge was rejected.

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