https://www.taxtmi.com/caselaws?id=463604 ITAT BANGALORE - AT held interest earned from commercial banks is taxable under "income from other sources" and relief under u/s 57 is to be granted; the assessee's claim u/s 80P(2)(d) was allowed for statistical purposes following Totagars Co-operative Sale Society. The Tribunal also allowed deduction for provision made for interest payable on deposits, finding it to be an ascertainable liability created under the mercantile system consistently followed by the assessee, not an unascertained liability. Overall, the assessee's grounds were allowed as indicated. en-us Thu, 07 Sep 2023 00:00:00 +0530 Mon, 08 Sep 2025 18:59:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463604 ITAT BANGALORE - AT held interest earned from commercial banks is taxable under "income from other sources" and relief under u/s 57 is to be granted; the assessee's claim u/s 80P(2)(d) was allowed for statistical purposes following Totagars Co-operative Sale Society. The Tribunal also allowed deduction for provision made for interest payable on deposits, finding it to be an ascertainable liability created under the mercantile system consistently followed by the assessee, not an unascertained liability. Overall, the assessee's grounds were allowed as indicated. Case-Laws Income Tax Thu, 07 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463604