https://www.taxtmi.com/caselaws?id=463577 ITAT dismissed the appeal, holding that interest earned on investments in banks is not deductible under section 80P(2)(a)(i), following precedent from the HC. The AO was directed to exclude the net interest income from the deduction claimed under section 80P(2), but to allow expenses attributable to earning that interest. The AO must compute the net interest income on such bank investments before disallowing it; the assessee's grounds were allowed for statistical purposes only. en-us Wed, 01 Aug 2018 00:00:00 +0530 Sun, 07 Sep 2025 21:14:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463577 ITAT dismissed the appeal, holding that interest earned on investments in banks is not deductible under section 80P(2)(a)(i), following precedent from the HC. The AO was directed to exclude the net interest income from the deduction claimed under section 80P(2), but to allow expenses attributable to earning that interest. The AO must compute the net interest income on such bank investments before disallowing it; the assessee's grounds were allowed for statistical purposes only. Case-Laws Income Tax Wed, 01 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463577