https://www.taxtmi.com/caselaws?id=442131 The Tribunal partly allowed both appeals for statistical purposes, remitting the issue back to the AO to demonstrate compliance with statutory requirements under the Karnataka Souharda Sahakari Act, 1997 for claiming deductions under the Income Tax Act, 1961. The Tribunal emphasized the importance of maintaining funds as per statutory requirements, directing the AO to determine net income after set off of cost of funds/interest expenditure for taxability u/s. 56 of the Act. en-us Tue, 22 Aug 2023 00:00:00 +0530 Fri, 25 Aug 2023 08:32:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442131 The Tribunal partly allowed both appeals for statistical purposes, remitting the issue back to the AO to demonstrate compliance with statutory requirements under the Karnataka Souharda Sahakari Act, 1997 for claiming deductions under the Income Tax Act, 1961. The Tribunal emphasized the importance of maintaining funds as per statutory requirements, directing the AO to determine net income after set off of cost of funds/interest expenditure for taxability u/s. 56 of the Act. Case-Laws Income Tax Tue, 22 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442131