https://www.taxtmi.com/caselaws?id=419930 The ITAT allowed the appeal, concluding that interest paid to the bank should be considered a business expense, not income of the cooperative society. The decision emphasized the distinction between interest paid to members and to the bank, relying on precedents to support the allowance of the appeal. The ITAT clarified that interest on bank loans/overdrafts is a business expense, leading to the partial allowance of the appeal and highlighting the importance of distinguishing between various types of interest payments. en-us Fri, 11 Mar 2022 00:00:00 +0530 Wed, 23 Mar 2022 08:40:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419930 The ITAT allowed the appeal, concluding that interest paid to the bank should be considered a business expense, not income of the cooperative society. The decision emphasized the distinction between interest paid to members and to the bank, relying on precedents to support the allowance of the appeal. The ITAT clarified that interest on bank loans/overdrafts is a business expense, leading to the partial allowance of the appeal and highlighting the importance of distinguishing between various types of interest payments. Case-Laws Income Tax Fri, 11 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419930