https://www.taxtmi.com/caselaws?id=371077 The ITAT Ahmedabad ruled that interest income from deposits with commercial banks is not eligible for deduction under section 80P of the Income Tax Act, 1961. However, the assessing officer was directed to allow pro rata expenses for interest earned from deposits with nationalized banks after verification. The decision highlighted the necessity of aligning income nature with statutory provisions to ascertain eligibility for deductions, emphasizing compliance with legal requirements and precedents. The appeal was partly allowed for statistical purposes. en-us Mon, 17 Sep 2018 00:00:00 +0530 Tue, 27 Nov 2018 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371077 The ITAT Ahmedabad ruled that interest income from deposits with commercial banks is not eligible for deduction under section 80P of the Income Tax Act, 1961. However, the assessing officer was directed to allow pro rata expenses for interest earned from deposits with nationalized banks after verification. The decision highlighted the necessity of aligning income nature with statutory provisions to ascertain eligibility for deductions, emphasizing compliance with legal requirements and precedents. The appeal was partly allowed for statistical purposes. Case-Laws Income Tax Mon, 17 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371077