https://www.taxtmi.com/caselaws?id=19164 A co-operative society claiming deduction on interest and dividend income under section 80P(2)(d) must compute the benefit on net income, not gross receipts, where no separate accounts are maintained for exempt and taxable activities. The text states that common expenditure attributable to the exempt stream must first be identified and apportioned before deduction is allowed. On the facts discussed, a 50 per cent allocation of expenditure to the exempt activity was treated as a reasonable estimate, and the exemption could not be sustained on the full receipts without netting off such . The principle applied is that deduction under Chapter VI-A follows proper computation of income actually attributable to the exempt source. en-us Thu, 12 Jan 1995 00:00:00 +0530 Wed, 04 Nov 2009 13:35:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19164 A co-operative society claiming deduction on interest and dividend income under section 80P(2)(d) must compute the benefit on net income, not gross receipts, where no separate accounts are maintained for exempt and taxable activities. The text states that common expenditure attributable to the exempt stream must first be identified and apportioned before deduction is allowed. On the facts discussed, a 50 per cent allocation of expenditure to the exempt activity was treated as a reasonable estimate, and the exemption could not be sustained on the full receipts without netting off such . The principle applied is that deduction under Chapter VI-A follows proper computation of income actually attributable to the exempt source. Case-Laws Income Tax Thu, 12 Jan 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19164