https://www.taxtmi.com/caselaws?id=305793 The Tribunal partly allowed the appellant's appeal regarding the taxability of interest income from fixed deposits of nationalized banks under section 56 of the Income Tax Act, 1961. The interest income was found not eligible for deduction under section 80P, resulting in an addition to the total income. However, the Tribunal allowed the appellant to claim proportionate or actual expenditure incurred in earning the interest income under section 57, following a judgment from the Karnataka High Court. The matter was remitted to the Assessing Officer for calculating the allowable expenditure. en-us Fri, 18 Aug 2017 00:00:00 +0530 Sat, 24 Dec 2022 11:08:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305793 The Tribunal partly allowed the appellant's appeal regarding the taxability of interest income from fixed deposits of nationalized banks under section 56 of the Income Tax Act, 1961. The interest income was found not eligible for deduction under section 80P, resulting in an addition to the total income. However, the Tribunal allowed the appellant to claim proportionate or actual expenditure incurred in earning the interest income under section 57, following a judgment from the Karnataka High Court. The matter was remitted to the Assessing Officer for calculating the allowable expenditure. Case-Laws Income Tax Fri, 18 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305793