https://www.taxtmi.com/caselaws?id=447181 ITAT Bangalore ruled on rectification u/s 154 regarding cooperative society's section 80P deduction claim for bank interest income. Following Karnataka HC precedent in Totgars Co-operative Society Ltd, the tribunal confirmed that interest income from banks cannot qualify for section 80P(2)(a)(i) or 80P(2)(d) deductions. However, the tribunal directed AO to allow cost of funds and proportionate administrative expenses as deductions under section 57 for interest income assessed as Income from Other Sources, accepting the assessee's limited prayer based on established HC jurisprudence. en-us Fri, 03 Nov 2023 00:00:00 +0530 Tue, 19 Dec 2023 17:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447181 ITAT Bangalore ruled on rectification u/s 154 regarding cooperative society's section 80P deduction claim for bank interest income. Following Karnataka HC precedent in Totgars Co-operative Society Ltd, the tribunal confirmed that interest income from banks cannot qualify for section 80P(2)(a)(i) or 80P(2)(d) deductions. However, the tribunal directed AO to allow cost of funds and proportionate administrative expenses as deductions under section 57 for interest income assessed as Income from Other Sources, accepting the assessee's limited prayer based on established HC jurisprudence. Case-Laws Income Tax Fri, 03 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447181