https://www.taxtmi.com/caselaws?id=470270 Deduction for interest earned on investments depends on whether the payer is a co-operative society or a co-operative bank conducting banking business under the applicable regulatory framework. The payer banks' legal status requires verification before deduction eligibility can be determined. If the interest does not qualify for deduction and is assessed as income from other sources, tax applies only to net interest income after allowing the attributable cost of funds and expenditure incurred to earn that income. The matter was restored for fresh verification and computation of allowable expenditure. en-us Wed, 19 Mar 2025 00:00:00 +0530 Tue, 21 Jul 2026 19:10:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470270 Deduction for interest earned on investments depends on whether the payer is a co-operative society or a co-operative bank conducting banking business under the applicable regulatory framework. The payer banks' legal status requires verification before deduction eligibility can be determined. If the interest does not qualify for deduction and is assessed as income from other sources, tax applies only to net interest income after allowing the attributable cost of funds and expenditure incurred to earn that income. The matter was restored for fresh verification and computation of allowable expenditure. Case-Laws Income Tax Wed, 19 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470270