https://www.taxtmi.com/caselaws?id=304593 The court dismissed the appellant's appeal regarding the eligibility of interest income from fixed deposits in nationalized banks for deduction under section 80P(2)(a)(i) of the Income Tax Act. However, the court directed the exclusion of net interest income from the deduction claimed under section 80P(2)(a)(i) and allowed expenses incurred in earning such income. The court allowed the deduction of interest income from cooperative banks under section 80P(2)(d) based on precedents, deleting the disallowance and allowing the appeal for statistical purposes. The judgment provided clarity on the tax treatment of interest income from nationalized and cooperative banks under the Income Tax Act. en-us Fri, 13 Jul 2018 00:00:00 +0530 Sat, 08 Oct 2022 13:10:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304593 The court dismissed the appellant's appeal regarding the eligibility of interest income from fixed deposits in nationalized banks for deduction under section 80P(2)(a)(i) of the Income Tax Act. However, the court directed the exclusion of net interest income from the deduction claimed under section 80P(2)(a)(i) and allowed expenses incurred in earning such income. The court allowed the deduction of interest income from cooperative banks under section 80P(2)(d) based on precedents, deleting the disallowance and allowing the appeal for statistical purposes. The judgment provided clarity on the tax treatment of interest income from nationalized and cooperative banks under the Income Tax Act. Case-Laws Income Tax Fri, 13 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304593