https://www.taxtmi.com/caselaws?id=756053 The ITAT condoned a 52-day delay in filing the appeal due to valid reasons, allowing the appeal to proceed on merit. It upheld the disallowance of deduction u/s 80P(2)(d) for interest income from nationalized/co-operative banks but directed the AO to consider costs incurred, ensuring only net interest income is disallowed. The ITAT set aside the issue to the AO for recalculating costs incurred, emphasizing fairness. Interest income from co-operative societies was deemed eligible for deduction u/s 80P(2)(d). The appeal was allowed for statistical purposes, focusing on accurate assessment and adherence to legal provisions. en-us Tue, 23 Jul 2024 00:00:00 +0530 Thu, 25 Jul 2024 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756053 The ITAT condoned a 52-day delay in filing the appeal due to valid reasons, allowing the appeal to proceed on merit. It upheld the disallowance of deduction u/s 80P(2)(d) for interest income from nationalized/co-operative banks but directed the AO to consider costs incurred, ensuring only net interest income is disallowed. The ITAT set aside the issue to the AO for recalculating costs incurred, emphasizing fairness. Interest income from co-operative societies was deemed eligible for deduction u/s 80P(2)(d). The appeal was allowed for statistical purposes, focusing on accurate assessment and adherence to legal provisions. Case-Laws Income Tax Tue, 23 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756053