Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Income Tax Deduction u/s 80 P allowable for Interest Earned on Surplus Lending Funds to Banking Business: Calcutta HC
Income TaxOther Legal Matters
The Calcutta High Court has ruled that an "income tax deduction under Section 80P is allowable for interest earned on surplus lending funds to a banking business." The court's decision provides a significant victory for the taxpayer. The ruling clarifies that an income that is earned for the benefit of a banking business can be claimed as a deduction.
