https://www.taxtmi.com/caselaws?id=180557 Deduction under section 80P is confined to income attributable to the qualifying activities specified in section 80P(2) and cannot be claimed on an assessee's entire gross total income. Income-tax refund was treated as the scope of section 80P for want of direct nexus with the banking activity, while locker rent, share transfer fee and insurance refund were treated as eligible receipts. Sale proceeds of a motor cycle were held not to arise from banking activity and were excluded. The penalty-interest component was not finally determined and required factual verification as to its nature and connection with the eligible activity. en-us Mon, 03 Jan 2011 00:00:00 +0530 Tue, 29 Mar 2016 16:19:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180557 Deduction under section 80P is confined to income attributable to the qualifying activities specified in section 80P(2) and cannot be claimed on an assessee's entire gross total income. Income-tax refund was treated as the scope of section 80P for want of direct nexus with the banking activity, while locker rent, share transfer fee and insurance refund were treated as eligible receipts. Sale proceeds of a motor cycle were held not to arise from banking activity and were excluded. The penalty-interest component was not finally determined and required factual verification as to its nature and connection with the eligible activity. Case-Laws Income Tax Mon, 03 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180557