https://www.taxtmi.com/caselaws?id=437987 The Tribunal partly allowed the assessee's appeal, remitting the issue of other receipts back to the Assessing Officer for reconsideration. The denial of deduction under section 80P(2)(d) for interest from cooperative banks was upheld, in line with the High Court's precedent that such income does not qualify for deduction under section 80P(2)(d) as it is considered income from other sources, not business income. The Tribunal implied that proper computation of total tax liability should follow a determination of eligibility for deductions under sections 80P(2)(d) and 80P(2)(a)(i). en-us Wed, 17 May 2023 00:00:00 +0530 Thu, 18 May 2023 15:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437987 The Tribunal partly allowed the assessee's appeal, remitting the issue of other receipts back to the Assessing Officer for reconsideration. The denial of deduction under section 80P(2)(d) for interest from cooperative banks was upheld, in line with the High Court's precedent that such income does not qualify for deduction under section 80P(2)(d) as it is considered income from other sources, not business income. The Tribunal implied that proper computation of total tax liability should follow a determination of eligibility for deductions under sections 80P(2)(d) and 80P(2)(a)(i). Case-Laws Income Tax Wed, 17 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437987