https://www.taxtmi.com/caselaws?id=247351 The ITAT dismissed the Revenue's appeal challenging the deduction under u/s.80P(2)(a)(i) of the IT Act for the Asst. Year 2009-10, upheld the CIT(A)'s decision in favor of the assessee, and allowed the cross-objection for statistical purposes regarding the interest deduction. The delay in filing the cross-objection by the assessee was condoned based on a recent court decision and the specific circumstances of the case. The ITAT directed a reevaluation of the deduction for interest amount, emphasizing the need for the AO to consider the business purpose of the deposits. en-us Fri, 02 May 2014 00:00:00 +0530 Fri, 09 May 2014 10:48:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247351 The ITAT dismissed the Revenue's appeal challenging the deduction under u/s.80P(2)(a)(i) of the IT Act for the Asst. Year 2009-10, upheld the CIT(A)'s decision in favor of the assessee, and allowed the cross-objection for statistical purposes regarding the interest deduction. The delay in filing the cross-objection by the assessee was condoned based on a recent court decision and the specific circumstances of the case. The ITAT directed a reevaluation of the deduction for interest amount, emphasizing the need for the AO to consider the business purpose of the deposits. Case-Laws Income Tax Fri, 02 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247351