https://www.taxtmi.com/caselaws?id=435751 The Tribunal remanded the case back to the Assessing Officer for fresh consideration, emphasizing compliance with the Supreme Court's judgment in Mavilayi Service Co-operative Bank Ltd. The Tribunal directed the AO to treat the interest income as business income eligible for deduction under Section 80P(2)(a)(i) if investments were made to comply with statutory requirements. The AO was instructed to provide a reasonable opportunity to the assessee during the reassessment process. The Tribunal did not specifically address the validity of the assessment order or the applicability of interest charges under Sections 234A and 234B, focusing primarily on the eligibility of interest income for deduction. en-us Tue, 14 Feb 2023 00:00:00 +0530 Sat, 25 Mar 2023 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435751 The Tribunal remanded the case back to the Assessing Officer for fresh consideration, emphasizing compliance with the Supreme Court's judgment in Mavilayi Service Co-operative Bank Ltd. The Tribunal directed the AO to treat the interest income as business income eligible for deduction under Section 80P(2)(a)(i) if investments were made to comply with statutory requirements. The AO was instructed to provide a reasonable opportunity to the assessee during the reassessment process. The Tribunal did not specifically address the validity of the assessment order or the applicability of interest charges under Sections 234A and 234B, focusing primarily on the eligibility of interest income for deduction. Case-Laws Income Tax Tue, 14 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435751