https://www.taxtmi.com/caselaws?id=342800 The court allowed the applications for condonation of delay in various ITA cases and disposed of them. Regarding the eligibility of deduction under Section 80P of the Income Tax Act for interest income earned on deposits in commercial and cooperative banks, the court found the ITAT's disallowance unsustainable. The matter was remitted for appropriate tax treatment based on the evidence presented. The court held that the assessee is entitled to claim proportionate expenditure with respect to income earned from commercial banks, directing the Assessing Officer to conduct the necessary exercise, and allowed the appeals accordingly. en-us Tue, 07 Mar 2017 00:00:00 +0530 Fri, 12 May 2017 07:37:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342800 The court allowed the applications for condonation of delay in various ITA cases and disposed of them. Regarding the eligibility of deduction under Section 80P of the Income Tax Act for interest income earned on deposits in commercial and cooperative banks, the court found the ITAT's disallowance unsustainable. The matter was remitted for appropriate tax treatment based on the evidence presented. The court held that the assessee is entitled to claim proportionate expenditure with respect to income earned from commercial banks, directing the Assessing Officer to conduct the necessary exercise, and allowed the appeals accordingly. Case-Laws Income Tax Tue, 07 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342800