https://www.taxtmi.com/caselaws?id=328172 The High Court dismissed the appeal challenging the legality of orders under the Income Tax Act for the assessment year 2010-11. The Tribunal's decisions on deduction under Section 80P(2)(a)(i), treatment of interest income, and core activity determination were upheld. The Tribunal ruled that interest income from banks other than cooperative banks was not eligible for deduction, and income from loans to employees was classified as 'income from other sources.' The Court affirmed that such income was taxable under Section 56 without allowing deductions, based on judicial precedents and statutory provisions. en-us Tue, 10 May 2016 00:00:00 +0530 Thu, 20 Jul 2023 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328172 The High Court dismissed the appeal challenging the legality of orders under the Income Tax Act for the assessment year 2010-11. The Tribunal's decisions on deduction under Section 80P(2)(a)(i), treatment of interest income, and core activity determination were upheld. The Tribunal ruled that interest income from banks other than cooperative banks was not eligible for deduction, and income from loans to employees was classified as 'income from other sources.' The Court affirmed that such income was taxable under Section 56 without allowing deductions, based on judicial precedents and statutory provisions. Case-Laws Income Tax Tue, 10 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328172