https://www.taxtmi.com/caselaws?id=67563 Section 144B was read as limiting the Inspecting Assistant Commissioner to the objections raised by the assessee, so enhancement beyond those objections was not permitted without recourse to the separate procedure under section 144A. On banking income, interest on investments of reserve funds and similar securities was treated as attributable to the banking business and exempt under section 80P(2)(a)(i), as was commission from discounting bills and drafts. By contrast, interest on advances to staff and income from sale of old newspapers were not treated as banking receipts and were dealt with under section 80P(2)(c). Interest on investments of staff gratuity fund, staff security deposit, and deposits from pump set dealers was not regarded as banking income, but fell within the specific exemption under section 80P(2)(d). en-us Mon, 30 Jun 1986 00:00:00 +0530 Fri, 11 Mar 2011 12:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67563 Section 144B was read as limiting the Inspecting Assistant Commissioner to the objections raised by the assessee, so enhancement beyond those objections was not permitted without recourse to the separate procedure under section 144A. On banking income, interest on investments of reserve funds and similar securities was treated as attributable to the banking business and exempt under section 80P(2)(a)(i), as was commission from discounting bills and drafts. By contrast, interest on advances to staff and income from sale of old newspapers were not treated as banking receipts and were dealt with under section 80P(2)(c). Interest on investments of staff gratuity fund, staff security deposit, and deposits from pump set dealers was not regarded as banking income, but fell within the specific exemption under section 80P(2)(d). Case-Laws Income Tax Mon, 30 Jun 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67563