https://www.taxtmi.com/caselaws?id=330680 The tribunal allowed the appeal of the assessee, overturning the decision of the lower authorities. It held that provisions for interest on share capital in cooperative societies should be considered allowable deductions under the mercantile system of accounting. The tribunal emphasized the distinction between cooperative societies and companies regarding the treatment of share capital and highlighted that provisions aligning with the mercantile system and eventually paid are deductible business expenses. The order was pronounced on 27th July 2016, in favor of the assessee. en-us Wed, 27 Jul 2016 00:00:00 +0530 Tue, 02 Aug 2016 13:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330680 The tribunal allowed the appeal of the assessee, overturning the decision of the lower authorities. It held that provisions for interest on share capital in cooperative societies should be considered allowable deductions under the mercantile system of accounting. The tribunal emphasized the distinction between cooperative societies and companies regarding the treatment of share capital and highlighted that provisions aligning with the mercantile system and eventually paid are deductible business expenses. The order was pronounced on 27th July 2016, in favor of the assessee. Case-Laws Income Tax Wed, 27 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330680