https://www.taxtmi.com/caselaws?id=59906 The Income Tax Appellate Tribunal (ITAT) held that interest income from fixed deposits with CESC Ltd. is eligible for deduction under section 80P, with a majority decision in favor of the assessee. The rectification under section 154 based on audit objections was implicitly not supported. However, interest income from investments with an unapproved Gratuity Fund was not eligible for deduction under section 80P. On the other hand, income from investments in Unit Trust of India (UTI) was deemed eligible for deduction under section 80P. en-us Tue, 26 Sep 2000 00:00:00 +0530 Sat, 01 Jan 2011 17:28:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59906 The Income Tax Appellate Tribunal (ITAT) held that interest income from fixed deposits with CESC Ltd. is eligible for deduction under section 80P, with a majority decision in favor of the assessee. The rectification under section 154 based on audit objections was implicitly not supported. However, interest income from investments with an unapproved Gratuity Fund was not eligible for deduction under section 80P. On the other hand, income from investments in Unit Trust of India (UTI) was deemed eligible for deduction under section 80P. Case-Laws Income Tax Tue, 26 Sep 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59906