https://www.taxtmi.com/caselaws?id=29041 The High Court held that the interest paid by a cooperative society's consumer store unit to the banking department was not an allowable expense for profit computation, as it involved payments within the same entity. The court cited relevant legal precedents and ruled against the society's claim for deduction. Additionally, the court determined that subclause (i) of section 80P did not apply to the cooperative society's income from banking with another department due to the absence of interest income. The court affirmed the Appellate Tribunal's decision, denying the allowance of interest payment and rejecting the application of the specific clause in the cooperative society's case. en-us Thu, 01 Apr 1982 00:00:00 +0530 Wed, 10 Mar 2010 13:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29041 The High Court held that the interest paid by a cooperative society's consumer store unit to the banking department was not an allowable expense for profit computation, as it involved payments within the same entity. The court cited relevant legal precedents and ruled against the society's claim for deduction. Additionally, the court determined that subclause (i) of section 80P did not apply to the cooperative society's income from banking with another department due to the absence of interest income. The court affirmed the Appellate Tribunal's decision, denying the allowance of interest payment and rejecting the application of the specific clause in the cooperative society's case. Case-Laws Income Tax Thu, 01 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29041