https://www.taxtmi.com/caselaws?id=753062 The ITAT Bangalore remitted the case back to the AO regarding deduction under section 80P(2)(d) for interest income from cooperative banks, requiring clarification on whether the payer bank is RBI-registered and licensed under the RBI Act, following the SC judgment in Kerala State Cooperative Agricultural and Rural Development Bank Ltd. The tribunal allowed the assessee's claim for deduction of expenditure under section 57 for cost of funds on interest income, directing the assessee to provide cost details to the AO for determination, relying on Karnataka HC precedents. en-us Wed, 22 May 2024 00:00:00 +0530 Thu, 23 May 2024 14:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753062 The ITAT Bangalore remitted the case back to the AO regarding deduction under section 80P(2)(d) for interest income from cooperative banks, requiring clarification on whether the payer bank is RBI-registered and licensed under the RBI Act, following the SC judgment in Kerala State Cooperative Agricultural and Rural Development Bank Ltd. The tribunal allowed the assessee's claim for deduction of expenditure under section 57 for cost of funds on interest income, directing the assessee to provide cost details to the AO for determination, relying on Karnataka HC precedents. Case-Laws Income Tax Wed, 22 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753062