https://www.taxtmi.com/caselaws?id=416040 The Tribunal upheld the Commissioner's decision, dismissing the Assessee's appeal regarding the eligibility of interest income earned from a Nationalized Bank for deduction under section 80P(2)(a)(i) of the Income Tax Act. It was clarified that only income from financing activities with members qualifies for the deduction, while profits from non-members are not eligible. The judgment emphasized a strict interpretation of the relevant provisions and judicial precedents, leading to the dismissal of the appeal. en-us Thu, 25 Nov 2021 00:00:00 +0530 Mon, 20 Dec 2021 09:26:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416040 The Tribunal upheld the Commissioner's decision, dismissing the Assessee's appeal regarding the eligibility of interest income earned from a Nationalized Bank for deduction under section 80P(2)(a)(i) of the Income Tax Act. It was clarified that only income from financing activities with members qualifies for the deduction, while profits from non-members are not eligible. The judgment emphasized a strict interpretation of the relevant provisions and judicial precedents, leading to the dismissal of the appeal. Case-Laws Income Tax Thu, 25 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416040