https://www.taxtmi.com/caselaws?id=185462 The Tribunal dismissed the appeal, affirming the decision of the ld. Commissioner of Income Tax (Appeals) that interest income from surplus funds with PSU Banks is taxable as income from other sources and not eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act. The Tribunal relied on the Supreme Court's decision in a similar case and concluded that the interest income did not relate to the society's business activities, leading to the enhancement of assessment for the assessee for the assessment year 2009-10. en-us Tue, 24 Feb 2015 00:00:00 +0530 Sat, 13 Aug 2016 11:45:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185462 The Tribunal dismissed the appeal, affirming the decision of the ld. Commissioner of Income Tax (Appeals) that interest income from surplus funds with PSU Banks is taxable as income from other sources and not eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act. The Tribunal relied on the Supreme Court's decision in a similar case and concluded that the interest income did not relate to the society's business activities, leading to the enhancement of assessment for the assessee for the assessment year 2009-10. Case-Laws Income Tax Tue, 24 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185462