https://www.taxtmi.com/caselaws?id=460439 The ITAT Delhi ruled on two key issues regarding a cooperative society. First, deduction under section 80P(2)(d) was allowed only for interest earned from members who availed credit facilities, not from investments in cooperative banks, as the assessee failed to establish that interest was earned exclusively from other cooperative societies. Second, regarding expenses under section 57, the tribunal held that when interest income from surplus funds is taxed as income from other sources under section 56, proportionate expenses incurred in mobilizing deposits should be allowed as deductions, directing the TPO to permit expense allocation per the assessee's calculation method. en-us Thu, 30 Jun 2016 00:00:00 +0530 Fri, 24 Jan 2025 13:30:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460439 The ITAT Delhi ruled on two key issues regarding a cooperative society. First, deduction under section 80P(2)(d) was allowed only for interest earned from members who availed credit facilities, not from investments in cooperative banks, as the assessee failed to establish that interest was earned exclusively from other cooperative societies. Second, regarding expenses under section 57, the tribunal held that when interest income from surplus funds is taxed as income from other sources under section 56, proportionate expenses incurred in mobilizing deposits should be allowed as deductions, directing the TPO to permit expense allocation per the assessee's calculation method. Case-Laws Income Tax Thu, 30 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460439