Section 80P Deductions Denied for Interest from Private Banks and LIC Deposits, Limited to Nationalized Banks Only.

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....Deduction u/s 80P - Denying Section 80P deduction on parking of surplus funds in private banks and the interest received from the LIC deposits involving varying sums - We find no merit in the assessee's stand since their lordships said decision applies in an instance of section 80P deduction on interest income derived from nationalised banks only. - AT....