https://www.taxtmi.com/caselaws?id=446649 The Tribunal ruled in favor of the assessee, a cooperative society, regarding the deduction under section 57 of the Income Tax Act, 1961. It directed the AO to accept the assessee's detailed calculation of the cost of funds, which was 77% of the interest income, as reasonable and unrefuted. Additionally, the Tribunal clarified that an order modifying an earlier Assessment Order is appealable under section 246A, contrary to the CIT(A)'s assertion that it was not. This decision allowed the assessee's appeal and provided clarity on the appealability of certain tax orders. en-us Wed, 29 Nov 2023 00:00:00 +0530 Fri, 08 Dec 2023 14:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446649 The Tribunal ruled in favor of the assessee, a cooperative society, regarding the deduction under section 57 of the Income Tax Act, 1961. It directed the AO to accept the assessee's detailed calculation of the cost of funds, which was 77% of the interest income, as reasonable and unrefuted. Additionally, the Tribunal clarified that an order modifying an earlier Assessment Order is appealable under section 246A, contrary to the CIT(A)'s assertion that it was not. This decision allowed the assessee's appeal and provided clarity on the appealability of certain tax orders. Case-Laws Income Tax Wed, 29 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446649