https://www.taxtmi.com/caselaws?id=208363 The Tribunal held that the Co-operative Bank was entitled to a deduction under section 80P(2)(a)(i) on the interest received under section 244A of the Act on the refund of tax. The Tribunal rejected the denial of the deduction by the Assessing Officer and CIT(A), emphasizing that the interest on income-tax refund, though falling under the head "Income from other sources," is considered as "profits and gains" of the banking business. The Tribunal also clarified that the principle of consistency does not apply across different assessment years and allowed the appeal in favor of the assessee. en-us Fri, 22 Jan 2010 00:00:00 +0530 Thu, 06 Jun 2013 15:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208363 The Tribunal held that the Co-operative Bank was entitled to a deduction under section 80P(2)(a)(i) on the interest received under section 244A of the Act on the refund of tax. The Tribunal rejected the denial of the deduction by the Assessing Officer and CIT(A), emphasizing that the interest on income-tax refund, though falling under the head "Income from other sources," is considered as "profits and gains" of the banking business. The Tribunal also clarified that the principle of consistency does not apply across different assessment years and allowed the appeal in favor of the assessee. Case-Laws Income Tax Fri, 22 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208363