https://www.taxtmi.com/caselaws?id=789397 Expenditure incurred for a society's establishment, administration, compliance and continued functioning may be set off against its interest income where only net real income is taxable, even if the expenditure was not directly incurred to earn that interest. A disallowance based solely on lack of direct nexus with interest income should therefore be removed. Tax computation must also give credit for self-assessment tax actually paid after verification where such credit was omitted. A short filing delay supported by sufficient cause, including competing compliance deadlines and affidavit evidence, may be condoned. en-us Fri, 27 Feb 2026 00:00:00 +0530 Wed, 08 Apr 2026 08:56:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789397 Expenditure incurred for a society's establishment, administration, compliance and continued functioning may be set off against its interest income where only net real income is taxable, even if the expenditure was not directly incurred to earn that interest. A disallowance based solely on lack of direct nexus with interest income should therefore be removed. Tax computation must also give credit for self-assessment tax actually paid after verification where such credit was omitted. A short filing delay supported by sufficient cause, including competing compliance deadlines and affidavit evidence, may be condoned. Case-Laws Income Tax Fri, 27 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789397