https://www.taxtmi.com/caselaws?id=292574 The Tribunal dismissed the stay petitions for outstanding demands in the Asstt. Year 2013-14 and 2014-15, opting to dispose of the appeals on merit. The Tribunal directed the AO to allow expenditure for earning interest income, compute net interest income after set-off, and exclude that net income from the deduction under section 80P(2) of the Income Tax Act. The recent judgment in the case of State Bank of India Employees Co-op Credit Society clarified that income from investments with nationalized banks does not qualify for deduction under section 80P(2), but the Tribunal allowed expenditure for interest income earned from investments. en-us Fri, 13 Mar 2020 00:00:00 +0530 Thu, 31 Dec 2020 13:24:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292574 The Tribunal dismissed the stay petitions for outstanding demands in the Asstt. Year 2013-14 and 2014-15, opting to dispose of the appeals on merit. The Tribunal directed the AO to allow expenditure for earning interest income, compute net interest income after set-off, and exclude that net income from the deduction under section 80P(2) of the Income Tax Act. The recent judgment in the case of State Bank of India Employees Co-op Credit Society clarified that income from investments with nationalized banks does not qualify for deduction under section 80P(2), but the Tribunal allowed expenditure for interest income earned from investments. Case-Laws Income Tax Fri, 13 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292574