Section 80P business attribution: ITAT allows deduction on investment interest and ancillary receipts, but excludes staff-loan and other non-eligible ...
Binding interim judicial directions restrained deduction of tax at source on Leave Fare Concession payments, so the assessee bank could not be treated as an assessee in default for that earlier period. Although the exemption issue on foreign travel had been concluded against the assessee on merits by the Supreme Court, the Tribunal held that section 201(1) could not be invoked while the assessee was complying with the interim restraint order. The consequential interest under section 201(1A) also could not survive. Applying the same reasoning to an identical second appeal, the Tribunal held both demands unsustainable and allowed both appeals.
Binding interim judicial directions restrained deduction of tax at source on Leave Fare Concession payments, so the assessee bank could not be treated as an assessee in default for that earlier period. Although the exemption issue on foreign travel had been concluded against the assessee on merits by the Supreme Court, the Tribunal held that section 201(1) could not be invoked while the assessee was complying with the interim restraint order. The consequential interest under section 201(1A) also could not survive. Applying the same reasoning to an identical second appeal, the Tribunal held both demands unsustainable and allowed both appeals.
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