https://www.taxtmi.com/caselaws?id=362903 The Appellate Tribunal ITAT Indore allowed the appeal of the assessee regarding the denial of benefits under section 80P(2)(a)(i) of the Act for interest earned on bank deposits. The Tribunal emphasized that if fixed deposits in banks are mandated by local State laws or statutory requirements, the interest income is eligible for deduction under section 80P(2)(a)(i). The Tribunal directed the Assessing Officer to conduct a thorough inquiry and granted the assessee the opportunity to demonstrate that the fixed deposits were made for funds statutorily required to be maintained. Ultimately, the appeal was allowed for statistical purposes on 29th June 2018. en-us Fri, 29 Jun 2018 00:00:00 +0530 Thu, 05 Jul 2018 12:07:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362903 The Appellate Tribunal ITAT Indore allowed the appeal of the assessee regarding the denial of benefits under section 80P(2)(a)(i) of the Act for interest earned on bank deposits. The Tribunal emphasized that if fixed deposits in banks are mandated by local State laws or statutory requirements, the interest income is eligible for deduction under section 80P(2)(a)(i). The Tribunal directed the Assessing Officer to conduct a thorough inquiry and granted the assessee the opportunity to demonstrate that the fixed deposits were made for funds statutorily required to be maintained. Ultimately, the appeal was allowed for statistical purposes on 29th June 2018. Case-Laws Income Tax Fri, 29 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362903