https://www.taxtmi.com/caselaws?id=238008 The Appellate Tribunal affirmed the decision in favor of the assessee, holding that interest income earned on investments made out of surplus funds qualifies for exemption under section 80P(2)(a) of the IT Act. The Tribunal emphasized that all income from banking activities, including interest on surplus funds, should be eligible for deduction to avoid legislative gaps. The decision relied on legal precedents and statutory interpretation, dismissing the Revenue's appeal and upholding the assessee's eligibility for exemption. en-us Tue, 01 Oct 2013 00:00:00 +0530 Mon, 14 Oct 2013 10:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238008 The Appellate Tribunal affirmed the decision in favor of the assessee, holding that interest income earned on investments made out of surplus funds qualifies for exemption under section 80P(2)(a) of the IT Act. The Tribunal emphasized that all income from banking activities, including interest on surplus funds, should be eligible for deduction to avoid legislative gaps. The decision relied on legal precedents and statutory interpretation, dismissing the Revenue's appeal and upholding the assessee's eligibility for exemption. Case-Laws Income Tax Tue, 01 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238008