https://www.taxtmi.com/caselaws?id=755123 Deduction under section 80P depends on income being attributable to eligible co-operative activity, so interest linked to credit facilities for regular and nominal members requires verification of bye-laws and member-wise income before eligibility can be determined. Deduction under section 80P(2)(d) turns on the legal character of the payer, because interest from co-operative societies may qualify differently from interest from co-operative banks or scheduled banks, making factual verification essential. Where interest is assessed under other sources, deduction of expenditure or cost of funds under section 57(iii) must be supported by actual evidence of income-earning expenditure and computed accordingly. en-us Wed, 03 Jul 2024 00:00:00 +0530 Fri, 05 Jul 2024 13:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755123 Deduction under section 80P depends on income being attributable to eligible co-operative activity, so interest linked to credit facilities for regular and nominal members requires verification of bye-laws and member-wise income before eligibility can be determined. Deduction under section 80P(2)(d) turns on the legal character of the payer, because interest from co-operative societies may qualify differently from interest from co-operative banks or scheduled banks, making factual verification essential. Where interest is assessed under other sources, deduction of expenditure or cost of funds under section 57(iii) must be supported by actual evidence of income-earning expenditure and computed accordingly. Case-Laws Income Tax Wed, 03 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755123