https://www.taxtmi.com/caselaws?id=463684 Deduction under s.80P(2)(a)(i) for interest earned on FDRs with scheduled banks/co-operative banks was denied, as the issue stood concluded against the assessee in its own earlier year and the interest was not treated as income attributable to eligible business; the CIT(A)'s disallowance was upheld and related grounds were dismissed. Deduction on interest from personal loans and housing loans to staff was rejected because lending to employees was not the assessee's business of lending to members, and such income was not attributable to eligible activity; disallowance and consequential addition were confirmed, and commission/miscellaneous/sundry income was also held ineligible under s.80P(2)(a)(i) or s.80P(2)(d) and rejected. Claims for further expenses against such interest were refused as already considered; the ground was dismissed. The issue of taxing overdue/NPA interest on accrual was remanded to the AO to verify statutory guidelines/standards and quantification; allowed for statistical purposes. en-us Tue, 03 Sep 2024 00:00:00 +0530 Mon, 05 Jan 2026 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463684 Deduction under s.80P(2)(a)(i) for interest earned on FDRs with scheduled banks/co-operative banks was denied, as the issue stood concluded against the assessee in its own earlier year and the interest was not treated as income attributable to eligible business; the CIT(A)'s disallowance was upheld and related grounds were dismissed. Deduction on interest from personal loans and housing loans to staff was rejected because lending to employees was not the assessee's business of lending to members, and such income was not attributable to eligible activity; disallowance and consequential addition were confirmed, and commission/miscellaneous/sundry income was also held ineligible under s.80P(2)(a)(i) or s.80P(2)(d) and rejected. Claims for further expenses against such interest were refused as already considered; the ground was dismissed. The issue of taxing overdue/NPA interest on accrual was remanded to the AO to verify statutory guidelines/standards and quantification; allowed for statistical purposes. Case-Laws Income Tax Tue, 03 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463684