https://www.taxtmi.com/caselaws?id=460440 The Tribunal determined that interest income from fixed deposits with non-cooperative banks is taxable under "income from other sources" and does not qualify for deduction under Section 80P of the Income Tax Act, 1961. The claim for such a deduction was denied. However, the issue of allowability of expenses under Section 57 was remanded to the Assessing Officer for further examination. The assessee was granted the general relief of Rs.50,000 under Section 80P(2)(c)(ii) for business income. The appeal was partly allowed, with specific issues remanded for reassessment. en-us Mon, 11 Sep 2023 00:00:00 +0530 Fri, 24 Jan 2025 13:30:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460440 The Tribunal determined that interest income from fixed deposits with non-cooperative banks is taxable under "income from other sources" and does not qualify for deduction under Section 80P of the Income Tax Act, 1961. The claim for such a deduction was denied. However, the issue of allowability of expenses under Section 57 was remanded to the Assessing Officer for further examination. The assessee was granted the general relief of Rs.50,000 under Section 80P(2)(c)(ii) for business income. The appeal was partly allowed, with specific issues remanded for reassessment. Case-Laws Income Tax Mon, 11 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460440