https://www.taxtmi.com/caselaws?id=76509 The High Court upheld the Tribunal's decision in favor of the cooperative apex bank, ruling that the interest received on the refund of excess income-tax falls within the scope of section 80P(2)(a)(i) of the Income-tax Act, 1961. The Court rejected the Revenue's appeal, affirming that the bank, engaged in banking business, is entitled to deduction for such interest as it is considered part of the principal amount derived from business income. The appeal was dismissed, and the bank's entitlement to deduction under the relevant tax provision was upheld. en-us Mon, 15 Feb 2010 00:00:00 +0530 Tue, 29 Jun 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76509 The High Court upheld the Tribunal's decision in favor of the cooperative apex bank, ruling that the interest received on the refund of excess income-tax falls within the scope of section 80P(2)(a)(i) of the Income-tax Act, 1961. The Court rejected the Revenue's appeal, affirming that the bank, engaged in banking business, is entitled to deduction for such interest as it is considered part of the principal amount derived from business income. The appeal was dismissed, and the bank's entitlement to deduction under the relevant tax provision was upheld. Case-Laws Income Tax Mon, 15 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76509