https://www.taxtmi.com/caselaws?id=431099 The Tribunal condoned the delay of 115 days in filing the appeal due to the COVID-19 pandemic, finding no fault on the part of the assessee. It upheld the PCIT's order under Section 263, stating that the interest income from cooperative banks was not eligible for deduction under Section 80P. The Tribunal remanded the case to the Assessing Officer to consider allowing expenses incurred for earning interest income as a deduction under Section 57. The appeal was partly allowed for statistical purposes, emphasizing the importance of deducting expenses to determine net income. en-us Wed, 02 Nov 2022 00:00:00 +0530 Mon, 05 Dec 2022 09:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431099 The Tribunal condoned the delay of 115 days in filing the appeal due to the COVID-19 pandemic, finding no fault on the part of the assessee. It upheld the PCIT's order under Section 263, stating that the interest income from cooperative banks was not eligible for deduction under Section 80P. The Tribunal remanded the case to the Assessing Officer to consider allowing expenses incurred for earning interest income as a deduction under Section 57. The appeal was partly allowed for statistical purposes, emphasizing the importance of deducting expenses to determine net income. Case-Laws Income Tax Wed, 02 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431099