https://www.taxtmi.com/caselaws?id=284648 Interest income from deposits required fresh examination to determine whether it formed part of eligible business income or income from other sources for deduction under section 80P(2)(a)(i). The material factual question was whether the deposited funds were the society's own funds or liabilities, because that distinction affected the allowability of the deduction. As the record did not conclusively establish the source and character of the funds, the matter was restored to the Assessing Officer for reconsideration after verifying the facts and allowing the assessee to produce evidence. The deduction claim was therefore not finally rejected on merits. en-us Wed, 04 Sep 2019 00:00:00 +0530 Sat, 30 Nov 2019 15:53:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284648 Interest income from deposits required fresh examination to determine whether it formed part of eligible business income or income from other sources for deduction under section 80P(2)(a)(i). The material factual question was whether the deposited funds were the society's own funds or liabilities, because that distinction affected the allowability of the deduction. As the record did not conclusively establish the source and character of the funds, the matter was restored to the Assessing Officer for reconsideration after verifying the facts and allowing the assessee to produce evidence. The deduction claim was therefore not finally rejected on merits. Case-Laws Income Tax Wed, 04 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284648