https://www.taxtmi.com/caselaws?id=206636 The court ruled in favor of the Revenue, dismissing the appeals brought by the appellant, an Apex body of Co-operative Societies. The court allowed the deduction under section 80P(2)(d) for interest income derived from member societies, after deducting expenses incurred for earning such income. It upheld that expenses attributable to interest income should be reduced from the income eligible for deduction under section 80P(2)(d), in line with the insertion of section 14A in the Income-tax Act to prevent the deduction of expenses related to exempt income against taxable income. en-us Mon, 28 Mar 2011 00:00:00 +0530 Thu, 10 Nov 2011 07:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206636 The court ruled in favor of the Revenue, dismissing the appeals brought by the appellant, an Apex body of Co-operative Societies. The court allowed the deduction under section 80P(2)(d) for interest income derived from member societies, after deducting expenses incurred for earning such income. It upheld that expenses attributable to interest income should be reduced from the income eligible for deduction under section 80P(2)(d), in line with the insertion of section 14A in the Income-tax Act to prevent the deduction of expenses related to exempt income against taxable income. Case-Laws Income Tax Mon, 28 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206636