https://www.taxtmi.com/caselaws?id=376338 Where the assessee had not claimed deduction under section 80P in the relevant year, disallowance of the interest provision could not be sustained on the footing that section 80P(2)(a)(i) and section 80P(4) applied. The ITAT noted that the return and computation did not contain any section 80P claim, and the lower authorities had proceeded on an incorrect premise in treating the interest expenditure as ineligible under that provision. On those facts, the tribunal held that the revenue's reasoning could not support the disallowance, and the addition was deleted in favour of the assessee. en-us Thu, 28 Feb 2019 00:00:00 +0530 Thu, 07 Mar 2019 07:47:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376338 Where the assessee had not claimed deduction under section 80P in the relevant year, disallowance of the interest provision could not be sustained on the footing that section 80P(2)(a)(i) and section 80P(4) applied. The ITAT noted that the return and computation did not contain any section 80P claim, and the lower authorities had proceeded on an incorrect premise in treating the interest expenditure as ineligible under that provision. On those facts, the tribunal held that the revenue's reasoning could not support the disallowance, and the addition was deleted in favour of the assessee. Case-Laws Income Tax Thu, 28 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376338