https://www.taxtmi.com/caselaws?id=445441 ITAT Hyderabad denied appellant's claim for deduction u/s 80P(2) as activities included micro insurance premium, NPS contribution, and loan insurance premium. The tribunal held that insurance activities are distinct from banking activities and do not fall within section 80P(2) purview, being governed by separate regulatory frameworks. However, the tribunal found AO incorrectly disallowed total receipts instead of income from insurance activities. Matter remanded to AO to verify and disallow only the deduction claimed in return relating to insurance activities. Appeal allowed for statistical purposes. en-us Tue, 17 Oct 2023 00:00:00 +0530 Wed, 08 Nov 2023 09:11:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445441 ITAT Hyderabad denied appellant's claim for deduction u/s 80P(2) as activities included micro insurance premium, NPS contribution, and loan insurance premium. The tribunal held that insurance activities are distinct from banking activities and do not fall within section 80P(2) purview, being governed by separate regulatory frameworks. However, the tribunal found AO incorrectly disallowed total receipts instead of income from insurance activities. Matter remanded to AO to verify and disallow only the deduction claimed in return relating to insurance activities. Appeal allowed for statistical purposes. Case-Laws Income Tax Tue, 17 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445441