https://www.taxtmi.com/caselaws?id=429049 The appeal was filed against the disallowance of deduction under Section 80P for interest income from a nationalized bank. The Credit Society claimed the deduction, but the Assessing Officer disallowed it. The CIT(A) partly allowed the appeal. The Tribunal found merit in the argument that related expenditure should be allowed for earning the interest income. Thus, the AO was directed to restrict the addition after considering the allowed deduction under Section 80P(2)(c)(ii). The appeal of the assessee was partly allowed for statistical purposes. en-us Fri, 14 Oct 2022 00:00:00 +0530 Sat, 15 Oct 2022 15:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429049 The appeal was filed against the disallowance of deduction under Section 80P for interest income from a nationalized bank. The Credit Society claimed the deduction, but the Assessing Officer disallowed it. The CIT(A) partly allowed the appeal. The Tribunal found merit in the argument that related expenditure should be allowed for earning the interest income. Thus, the AO was directed to restrict the addition after considering the allowed deduction under Section 80P(2)(c)(ii). The appeal of the assessee was partly allowed for statistical purposes. Case-Laws Income Tax Fri, 14 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429049