https://www.taxtmi.com/caselaws?id=302165 The Tribunal allowed the appeal filed by the assessee, holding that interest income from nationalized banks on fixed deposits was not eligible for deduction under section 80P of the Act. The Tribunal found that the interest earned on surplus funds invested in bank deposits did not qualify as providing credit facilities to members, upholding the Assessing Officer's decision to tax the income under section 56 of the Act as income from other sources. The Tribunal directed verification of pro rata expenses and allowed netting of expenses in line with a previous order, partially allowing the appeal for statistical purposes. en-us Fri, 22 Dec 2017 00:00:00 +0530 Tue, 18 Apr 2023 12:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302165 The Tribunal allowed the appeal filed by the assessee, holding that interest income from nationalized banks on fixed deposits was not eligible for deduction under section 80P of the Act. The Tribunal found that the interest earned on surplus funds invested in bank deposits did not qualify as providing credit facilities to members, upholding the Assessing Officer's decision to tax the income under section 56 of the Act as income from other sources. The Tribunal directed verification of pro rata expenses and allowed netting of expenses in line with a previous order, partially allowing the appeal for statistical purposes. Case-Laws Income Tax Fri, 22 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302165