https://www.taxtmi.com/caselaws?id=372208 The Tribunal allowed the appeals, granting the deduction under section 80P on interest income from banks, overturning the denial by treating the interest income as "Business income" instead of "Income from other sources." The Tribunal emphasized the commercial necessity for maintaining overdrafts and earning interest on fixed deposits for business purposes. Additionally, the Tribunal addressed the issue of interest levied under sections 234A, 234B, and 234C as consequential without detailed analysis. en-us Wed, 14 Nov 2018 00:00:00 +0530 Wed, 19 Dec 2018 08:19:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372208 The Tribunal allowed the appeals, granting the deduction under section 80P on interest income from banks, overturning the denial by treating the interest income as "Business income" instead of "Income from other sources." The Tribunal emphasized the commercial necessity for maintaining overdrafts and earning interest on fixed deposits for business purposes. Additionally, the Tribunal addressed the issue of interest levied under sections 234A, 234B, and 234C as consequential without detailed analysis. Case-Laws Income Tax Wed, 14 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372208