https://www.taxtmi.com/caselaws?id=261913 The HC held that interest earned on short-term bank deposits by the assessee, which were not liabilities but surplus funds temporarily invested due to lack of immediate lending demand, qualifies as income from banking business. Consequently, such interest income is eligible for deduction under Section 80P(1). The appellate authorities' denial of this deduction was found to be legally unsustainable and was set aside. The substantial questions of law were decided in favor of the assessee. en-us Tue, 09 Jun 2015 00:00:00 +0530 Mon, 28 Jul 2025 14:34:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261913 The HC held that interest earned on short-term bank deposits by the assessee, which were not liabilities but surplus funds temporarily invested due to lack of immediate lending demand, qualifies as income from banking business. Consequently, such interest income is eligible for deduction under Section 80P(1). The appellate authorities' denial of this deduction was found to be legally unsustainable and was set aside. The substantial questions of law were decided in favor of the assessee. Case-Laws Income Tax Tue, 09 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261913