https://www.taxtmi.com/caselaws?id=777874 ITAT held that interest income from nationalized banks is not deductible under section 80P(2)(a)(i). The Tribunal accepted the assessee's alternative claim that proportionate expenses may be allowed under section 57, but remitted the matter to the AO for fresh verification of factual connection between the expenses and earning of such interest. The appeal was allowed for statistical purposes and the claim for deduction under section 57 was directed to be considered afresh by the AO. en-us Mon, 25 Aug 2025 00:00:00 +0530 Sat, 06 Sep 2025 08:16:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777874 ITAT held that interest income from nationalized banks is not deductible under section 80P(2)(a)(i). The Tribunal accepted the assessee's alternative claim that proportionate expenses may be allowed under section 57, but remitted the matter to the AO for fresh verification of factual connection between the expenses and earning of such interest. The appeal was allowed for statistical purposes and the claim for deduction under section 57 was directed to be considered afresh by the AO. Case-Laws Income Tax Mon, 25 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777874