https://www.taxtmi.com/caselaws?id=262098 The High Court ruled in favor of the appellant, allowing the deduction under Section 80P(2)(a)(i) of the Income Tax Act for interest income earned on investments. The Court held that the interest income was attributable to the business of banking and not a liability to members, making it eligible for deduction. The Court followed a previous judgment with similar facts, determining that the appellant was entitled to the exemption and ruling against the revenue authority's disallowance of the interest income. en-us Mon, 13 Jul 2015 00:00:00 +0530 Sat, 01 Aug 2015 08:39:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262098 The High Court ruled in favor of the appellant, allowing the deduction under Section 80P(2)(a)(i) of the Income Tax Act for interest income earned on investments. The Court held that the interest income was attributable to the business of banking and not a liability to members, making it eligible for deduction. The Court followed a previous judgment with similar facts, determining that the appellant was entitled to the exemption and ruling against the revenue authority's disallowance of the interest income. Case-Laws Income Tax Mon, 13 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262098