https://www.taxtmi.com/caselaws?id=409794 The Tribunal partly allowed the appeal, permitting the deduction of interest expenditure paid to members but upholding the disallowance of capital expenditure amounting to Rs. 37,00,941. The Tribunal rejected the mutual benefit society status imposed by the Assessing Officer, emphasizing the commercial nature of the assessee's activities. The decision was based on the Supreme Court's ruling in Kumbakonam Mutual Benefit Fund Limited. The order was issued on July 15, 2021. en-us Thu, 15 Jul 2021 00:00:00 +0530 Fri, 16 Jul 2021 08:27:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409794 The Tribunal partly allowed the appeal, permitting the deduction of interest expenditure paid to members but upholding the disallowance of capital expenditure amounting to Rs. 37,00,941. The Tribunal rejected the mutual benefit society status imposed by the Assessing Officer, emphasizing the commercial nature of the assessee's activities. The decision was based on the Supreme Court's ruling in Kumbakonam Mutual Benefit Fund Limited. The order was issued on July 15, 2021. Case-Laws Income Tax Thu, 15 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409794