https://www.taxtmi.com/caselaws?id=430913 Interest earned by a co-operative credit society from deposits with co-operative banks was treated as income from other sources and denied deduction under section 80P(2)(a)(i) because section 80P(4) excluded such claims. Interest derived from investments with co-operative societies, however, was held deductible under section 80P(2)(d). Where the interest income is assessed under the head income from other sources, proportionate expenditure incurred to earn that income may still be allowable under section 57 on the net income principle, but the factual claim must be verified by the Assessing Officer. The matter was remitted for fresh examination of the expenditure claim. en-us Mon, 28 Nov 2022 00:00:00 +0530 Wed, 30 Nov 2022 15:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430913 Interest earned by a co-operative credit society from deposits with co-operative banks was treated as income from other sources and denied deduction under section 80P(2)(a)(i) because section 80P(4) excluded such claims. Interest derived from investments with co-operative societies, however, was held deductible under section 80P(2)(d). Where the interest income is assessed under the head income from other sources, proportionate expenditure incurred to earn that income may still be allowable under section 57 on the net income principle, but the factual claim must be verified by the Assessing Officer. The matter was remitted for fresh examination of the expenditure claim. Case-Laws Income Tax Mon, 28 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430913