https://www.taxtmi.com/caselaws?id=408269 The Tribunal upheld the CIT(A)'s decision allowing Section 80P deduction for interest income from parking surplus funds in nationalized banks, citing a precedent. However, the deduction was denied for interest from private banks and LIC deposits based on the distinction in Banking Regulation law. All Revenue appeals and assessee cross-objections were dismissed, confirming the eligibility for nationalized banks but denying it for private banks and LIC deposits. The decision was pronounced on 24th May 2021. en-us Mon, 24 May 2021 00:00:00 +0530 Fri, 04 Jun 2021 09:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408269 The Tribunal upheld the CIT(A)'s decision allowing Section 80P deduction for interest income from parking surplus funds in nationalized banks, citing a precedent. However, the deduction was denied for interest from private banks and LIC deposits based on the distinction in Banking Regulation law. All Revenue appeals and assessee cross-objections were dismissed, confirming the eligibility for nationalized banks but denying it for private banks and LIC deposits. The decision was pronounced on 24th May 2021. Case-Laws Income Tax Mon, 24 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408269