https://www.taxtmi.com/caselaws?id=789698 Interest payable by a co-operative society to its members was not disallowable under section 43B because that provision applies only to specified liabilities, and clause (e) covers interest on loans or advances from listed financial institutions, not deposits from members. As the liability was not within section 43B, the accrued interest recorded in the books remained allowable on an accrual basis. The alternative claim was also accepted: where deduction under section 80P(2)(a)(i) is available, any increased business profits arising from the addition would likewise qualify for deduction. The addition for provision of interest payable was therefore deleted. en-us Thu, 12 Mar 2026 00:00:00 +0530 Mon, 13 Apr 2026 07:52:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789698 Interest payable by a co-operative society to its members was not disallowable under section 43B because that provision applies only to specified liabilities, and clause (e) covers interest on loans or advances from listed financial institutions, not deposits from members. As the liability was not within section 43B, the accrued interest recorded in the books remained allowable on an accrual basis. The alternative claim was also accepted: where deduction under section 80P(2)(a)(i) is available, any increased business profits arising from the addition would likewise qualify for deduction. The addition for provision of interest payable was therefore deleted. Case-Laws Income Tax Thu, 12 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789698