https://www.taxtmi.com/caselaws?id=378238 The ITAT Pune held that the CIT's order treating the assessment as erroneous and prejudicial to revenue was unsustainable. The dispute concerned deduction under section 80P for interest income from FDRs, where the CIT directed that gross interest amount should be taxed rather than net interest after deducting amounts paid to members and on FD-OD accounts. The ITAT ruled that when interest income is eligible for deduction under section 80P, the assessee cannot be compelled to offer the entire interest amount for taxation when it is otherwise deductible. The tribunal concluded that the entire interest amount qualified for section 80P deduction and vacated the CIT's order directing taxation of the full interest amount instead of its part. en-us Tue, 09 Apr 2019 00:00:00 +0530 Mon, 21 Jul 2025 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378238 The ITAT Pune held that the CIT's order treating the assessment as erroneous and prejudicial to revenue was unsustainable. The dispute concerned deduction under section 80P for interest income from FDRs, where the CIT directed that gross interest amount should be taxed rather than net interest after deducting amounts paid to members and on FD-OD accounts. The ITAT ruled that when interest income is eligible for deduction under section 80P, the assessee cannot be compelled to offer the entire interest amount for taxation when it is otherwise deductible. The tribunal concluded that the entire interest amount qualified for section 80P deduction and vacated the CIT's order directing taxation of the full interest amount instead of its part. Case-Laws Income Tax Tue, 09 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378238