https://www.taxtmi.com/highlights?id=65855 Income from other sources - interest expenditure is to be set off against the interest income. As regards the AO's contention that interest paid to member is not eligible deduction in the case of AOP under Section 40 (ba), we have perused the said Section. This clause excludes registered society from its applicability. Accordingly, this clause will not be applicable to the assessee society. Moreover, as rightly contended by the learned AR Section 40 (ba) is applicable while computing business income. This clause is not applicable while computing income from other sources. - AT en-us Wed, 28 Sep 2022 16:52:46 +0530 Wed, 28 Sep 2022 16:52:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=65855 Income from other sources - interest expenditure is to be set off against the interest income. As regards the AO's contention that interest paid to member is not eligible deduction in the case of AOP under Section 40 (ba), we have perused the said Section. This clause excludes registered society from its applicability. Accordingly, this clause will not be applicable to the assessee society. Moreover, as rightly contended by the learned AR Section 40 (ba) is applicable while computing business income. This clause is not applicable while computing income from other sources. - AT Highlights Income Tax Wed, 28 Sep 2022 16:52:46 +0530 https://www.taxtmi.com/highlights?id=65855