https://www.taxtmi.com/caselaws?id=779729 ITAT BANGALORE upheld disallowance of deduction under s.80P for interest on bank deposits, following Karnataka HC and Gujarat HC precedents that such interest is income from "other sources" and not income from providing credit to members; AO and CIT(A) findings sustained. Claim under s.57 that interest paid to members is an allowable expense was remitted to AO for verification and allowed for statistical purposes. Specified Bank Notes deposited during demonetization were held not automatically unexplained under ss.68/69A; AO directed to verify records and source of such cash deposits, appeal allowed for statistical purposes. en-us Wed, 22 Jan 2025 00:00:00 +0530 Sat, 11 Oct 2025 09:01:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779729 ITAT BANGALORE upheld disallowance of deduction under s.80P for interest on bank deposits, following Karnataka HC and Gujarat HC precedents that such interest is income from "other sources" and not income from providing credit to members; AO and CIT(A) findings sustained. Claim under s.57 that interest paid to members is an allowable expense was remitted to AO for verification and allowed for statistical purposes. Specified Bank Notes deposited during demonetization were held not automatically unexplained under ss.68/69A; AO directed to verify records and source of such cash deposits, appeal allowed for statistical purposes. Case-Laws Income Tax Wed, 22 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779729