https://www.taxtmi.com/caselaws?id=69729 The ITAT held that interest income received by the assessee on staff housing loans was part of its banking activities and qualified for exemption under section 80P(2)(a)(i). However, it disagreed with the application of section 80P(2)(d) for exemption. The ITAT emphasized that the nature of the advances did not change their character as banking transactions, affirming the integral role of staff housing loans in the banking business. Regarding the insurance premium deduction, the ITAT upheld the ITO's decision to limit the deduction to the let-out portion of the property, directing further review by the AAC. The appeal for the year 1976-77 was dismissed, while partly allowed for 1977-78. en-us Fri, 23 Mar 1979 00:00:00 +0530 Mon, 11 Apr 2011 17:39:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69729 The ITAT held that interest income received by the assessee on staff housing loans was part of its banking activities and qualified for exemption under section 80P(2)(a)(i). However, it disagreed with the application of section 80P(2)(d) for exemption. The ITAT emphasized that the nature of the advances did not change their character as banking transactions, affirming the integral role of staff housing loans in the banking business. Regarding the insurance premium deduction, the ITAT upheld the ITO's decision to limit the deduction to the let-out portion of the property, directing further review by the AAC. The appeal for the year 1976-77 was dismissed, while partly allowed for 1977-78. Case-Laws Income Tax Fri, 23 Mar 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69729