https://www.taxtmi.com/caselaws?id=373686 The Tribunal upheld the disallowance of interest income earned on fixed deposits with nationalized banks and interest income received under section 244A. It ruled that interest earned from investments in nationalized banks by a cooperative society does not qualify for deduction under section 80P(2)(a)(i). The Tribunal allowed any expenditure incurred for earning such income to be considered for deduction. Additionally, the Tribunal deemed the decision to levy interest under sections 234A and 234B as appropriate due to their mandatory nature. en-us Wed, 16 Jan 2019 00:00:00 +0530 Fri, 18 Jan 2019 08:10:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373686 The Tribunal upheld the disallowance of interest income earned on fixed deposits with nationalized banks and interest income received under section 244A. It ruled that interest earned from investments in nationalized banks by a cooperative society does not qualify for deduction under section 80P(2)(a)(i). The Tribunal allowed any expenditure incurred for earning such income to be considered for deduction. Additionally, the Tribunal deemed the decision to levy interest under sections 234A and 234B as appropriate due to their mandatory nature. Case-Laws Income Tax Wed, 16 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373686