https://www.taxtmi.com/caselaws?id=437824 Interest earned on deposits or investments made from a co-operative credit society's statutory reserve fund could qualify for deduction under section 80P only after the source and character of the reserve fund were properly verified under the applicable co-operative law; the matter was therefore remanded for factual verification and left open for decision in accordance with law. Proportionate expenditure having a proximate nexus with earning the interest income was deductible under section 57(iii), and that claim was allowed. The commentary notes that where two views are possible, the one favourable to the assessee may be preferred. en-us Wed, 10 May 2023 00:00:00 +0530 Mon, 15 May 2023 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437824 Interest earned on deposits or investments made from a co-operative credit society's statutory reserve fund could qualify for deduction under section 80P only after the source and character of the reserve fund were properly verified under the applicable co-operative law; the matter was therefore remanded for factual verification and left open for decision in accordance with law. Proportionate expenditure having a proximate nexus with earning the interest income was deductible under section 57(iii), and that claim was allowed. The commentary notes that where two views are possible, the one favourable to the assessee may be preferred. Case-Laws Income Tax Wed, 10 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437824