https://www.taxtmi.com/caselaws?id=303716 The Tribunal upheld the Commissioner of Income Tax's order under Section 263, finding the original assessment erroneous for allowing a deduction under Section 80P(2)(a)(i) for interest earned from banks. The Tribunal ruled that such interest income should be taxed under "Income from Other Sources" and not as business profits eligible for deduction. The assessment was set aside for reassessment by the Assessing Officer. en-us Mon, 21 Feb 2022 00:00:00 +0530 Sun, 07 Aug 2022 20:12:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303716 The Tribunal upheld the Commissioner of Income Tax's order under Section 263, finding the original assessment erroneous for allowing a deduction under Section 80P(2)(a)(i) for interest earned from banks. The Tribunal ruled that such interest income should be taxed under "Income from Other Sources" and not as business profits eligible for deduction. The assessment was set aside for reassessment by the Assessing Officer. Case-Laws Income Tax Mon, 21 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303716