https://www.taxtmi.com/caselaws?id=384319 The Tribunal allowed the appeal, quashing the Principal Commissioner of Income Tax's order under Section 263 and upholding the original assessment order allowing the deduction under Section 80P(2)(a)(i) for interest income from surplus funds deposited with banks. The Tribunal held that the interest income is attributable to the business of providing credit facilities to members and is eligible for the deduction, differing from the Pr.CIT's interpretation based on a previous Supreme Court judgment. en-us Wed, 07 Aug 2019 00:00:00 +0530 Fri, 09 Aug 2019 17:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384319 The Tribunal allowed the appeal, quashing the Principal Commissioner of Income Tax's order under Section 263 and upholding the original assessment order allowing the deduction under Section 80P(2)(a)(i) for interest income from surplus funds deposited with banks. The Tribunal held that the interest income is attributable to the business of providing credit facilities to members and is eligible for the deduction, differing from the Pr.CIT's interpretation based on a previous Supreme Court judgment. Case-Laws Income Tax Wed, 07 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384319