https://www.taxtmi.com/caselaws?id=235955 The High Court ruled in favor of the revenue, allowing the appeal filed by the Department regarding the interpretation of Section 80P(2)(d) of the Income Tax Act, 1961. The Court held that the deduction for interest income received by a Cooperative Society should be based on the net income after deducting relevant expenses, in line with established legal precedents and the plain language of the statute. Although no deduction was claimed in the specific assessment year due to losses, any future positive income would qualify for deduction only on the net interest income. en-us Fri, 02 Aug 2013 00:00:00 +0530 Fri, 09 Aug 2013 09:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235955 The High Court ruled in favor of the revenue, allowing the appeal filed by the Department regarding the interpretation of Section 80P(2)(d) of the Income Tax Act, 1961. The Court held that the deduction for interest income received by a Cooperative Society should be based on the net income after deducting relevant expenses, in line with established legal precedents and the plain language of the statute. Although no deduction was claimed in the specific assessment year due to losses, any future positive income would qualify for deduction only on the net interest income. Case-Laws Income Tax Fri, 02 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235955