https://www.taxtmi.com/caselaws?id=463061 Interest from nationalised banks was treated as outside section 80P(2)(d), while interest from a co-operative bank could qualify only if the entity was not carrying on banking business within the meaning of section 5(b) of the Banking Regulation Act, 1949. The matter was to be examined afresh by the Assessing Officer on the underlying facts. Expenditure incurred wholly and exclusively to earn income assessed under the head income from other sources was held allowable under section 57, and the related outgo was also to be reworked on remand. en-us Mon, 06 May 2024 00:00:00 +0530 Mon, 04 Aug 2025 20:17:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463061 Interest from nationalised banks was treated as outside section 80P(2)(d), while interest from a co-operative bank could qualify only if the entity was not carrying on banking business within the meaning of section 5(b) of the Banking Regulation Act, 1949. The matter was to be examined afresh by the Assessing Officer on the underlying facts. Expenditure incurred wholly and exclusively to earn income assessed under the head income from other sources was held allowable under section 57, and the related outgo was also to be reworked on remand. Case-Laws Income Tax Mon, 06 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463061