https://www.taxtmi.com/caselaws?id=294565 The High Court considered the taxation of interest income on special funds and the deletion of addition under Rule 8D(2)(ii) of the Income Tax Rules, 1962. It held that interest income on special funds, already taxed, should not be taxed again in the hands of the respondent-assessee. The Court also upheld the deletion of the addition made under Rule 8D(2)(ii) by the Assessing Officer, based on detailed examination and reasoning provided by the ITAT. The Court did not delve further into the provisions for retirement benefits as they were found to be compliant with AS15 and actuarial valuation by the Commissioner of Income Tax (Appeals) and ITAT. en-us Wed, 19 Sep 2018 00:00:00 +0530 Wed, 21 Apr 2021 08:15:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294565 The High Court considered the taxation of interest income on special funds and the deletion of addition under Rule 8D(2)(ii) of the Income Tax Rules, 1962. It held that interest income on special funds, already taxed, should not be taxed again in the hands of the respondent-assessee. The Court also upheld the deletion of the addition made under Rule 8D(2)(ii) by the Assessing Officer, based on detailed examination and reasoning provided by the ITAT. The Court did not delve further into the provisions for retirement benefits as they were found to be compliant with AS15 and actuarial valuation by the Commissioner of Income Tax (Appeals) and ITAT. Case-Laws Income Tax Wed, 19 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294565