https://www.taxtmi.com/caselaws?id=55064 The Tribunal held that under Section 80P(2)(d) of the Income Tax Act, only net interest income after deducting interest expenditure can be claimed as a deduction by a co-operative society. The Tribunal emphasized that interest expenditure must be incurred wholly and exclusively for earning interest income to be deductible. In this case, the interest expenditure was considered a business expense and not directly related to earning interest income from investments, leading to the dismissal of the appeal and confirming that interest expenditure cannot be deducted from interest income derived from investments. en-us Thu, 07 May 1992 00:00:00 +0530 Tue, 23 Nov 2010 16:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55064 The Tribunal held that under Section 80P(2)(d) of the Income Tax Act, only net interest income after deducting interest expenditure can be claimed as a deduction by a co-operative society. The Tribunal emphasized that interest expenditure must be incurred wholly and exclusively for earning interest income to be deductible. In this case, the interest expenditure was considered a business expense and not directly related to earning interest income from investments, leading to the dismissal of the appeal and confirming that interest expenditure cannot be deducted from interest income derived from investments. Case-Laws Income Tax Thu, 07 May 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55064