https://www.taxtmi.com/caselaws?id=456032 The Tribunal allowed the appeal for statistical purposes, remanding the matter to the AO to reassess the interest income from cooperative banks/scheduled banks under section 56 of the Income Tax Act. The Tribunal directed the AO to calculate and allow deductions for expenses incurred in earning the interest income under section 57, following the precedent set by the Hon'ble Karnataka High Court. This decision emphasized the correct interpretation of section 80P, ensuring that only net interest income is taxed for cooperative societies, aligning with established legal principles. en-us Thu, 07 Dec 2023 00:00:00 +0530 Sat, 22 Jun 2024 07:17:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456032 The Tribunal allowed the appeal for statistical purposes, remanding the matter to the AO to reassess the interest income from cooperative banks/scheduled banks under section 56 of the Income Tax Act. The Tribunal directed the AO to calculate and allow deductions for expenses incurred in earning the interest income under section 57, following the precedent set by the Hon'ble Karnataka High Court. This decision emphasized the correct interpretation of section 80P, ensuring that only net interest income is taxed for cooperative societies, aligning with established legal principles. Case-Laws Income Tax Thu, 07 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456032