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2019 (1) TMI 106 - AT - Income TaxDenial of claim of deduction u/s 80P on account of interest income earned from Bank of Maharashtra and also interest income earned from MSEB - Held that:- The assessee is entitled to claim deduction under section 80P(2)(a)(i) of the Act in respect of FDR interest from Bank of Maharashtra. However, no such deduction is to be allowed in respect of Saving Fund interest. The ground of appeal No.1 raised by assessee is thus, allowed. See ITO VERSUS M/S. MAHARASHTRA BANK EMPLOYEES CO-OP. CREDIT SOCIETY LTD. VICE-VERSA [2018 (3) TMI 1562 - ITAT PUNE] Interest received from MSEB deposits, wherein the aforesaid deposits were made for carrying on its business activity and hence, the same is business income and is entitled to the claim of deduction under section 80P(2)(a)(i). The ground of appeal No.2 raised by assessee is thus, allowed.
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