2010 (2) TMI 185

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..... t of the interest received by it on the refund of excess income tax paid. It has further been found that the assessee Would be entitled to deduction under section 80P(2)(a)(i) of the Act. Held that- the assessee was entitled to special deduction under section 80P on the interest on refund of excess of Income Tax. Once the income tax paid was derived from business income then interest income would .....

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..... that the assessee-respondent, which is a co operative apex bank, cannot be subjected to income-tax in respect of the interest received by it on the refund of excess income-tax paid. It has further been found that the assessee-respondent would be entitled to deduction under section 80P(2)(a)(i) of the Act- The Tribunal has also placed reliance on a judgment of the Madras High Court in the case of .....

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