https://www.taxtmi.com/caselaws?id=356521 The court held that interest income from bank deposits is attributable to the business of banking or providing credit facilities, entitling the appellant to deduction under Section 80P(2)(a)(i) of the Income Tax Act. The court disagreed with the Assessing Officer's computation of total income and directed a reassessment. Additionally, the court found that the Tribunal failed to assess the proportionate cost of funds and administrative expenses, remanding the matter for further examination. The court set aside previous orders, remanding the case for fresh consideration by the Assessing Officer, emphasizing adherence to relevant legal precedents. en-us Mon, 19 Feb 2018 00:00:00 +0530 Wed, 07 Mar 2018 08:03:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356521 The court held that interest income from bank deposits is attributable to the business of banking or providing credit facilities, entitling the appellant to deduction under Section 80P(2)(a)(i) of the Income Tax Act. The court disagreed with the Assessing Officer's computation of total income and directed a reassessment. Additionally, the court found that the Tribunal failed to assess the proportionate cost of funds and administrative expenses, remanding the matter for further examination. The court set aside previous orders, remanding the case for fresh consideration by the Assessing Officer, emphasizing adherence to relevant legal precedents. Case-Laws Income Tax Mon, 19 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356521