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M/S. Bharath Credit Co-Operative ... vs Income-Tax Officer, Ward-6(2)(2), ... on 3 November, 2023
cites
Section 80P in The Income Tax Act, 1961 [Entire Act]
Section 57 in The Income Tax Act, 1961 [Entire Act]
Section 234C in The Income Tax Act, 1961 [Entire Act]
Section 234A in The Income Tax Act, 1961 [Entire Act]
Section 234B in The Income Tax Act, 1961 [Entire Act]
Section 250 in The Income Tax Act, 1961 [Entire Act]
M/S The Totgars Co-Operative Sale ... vs The Income Tax Officer on 30 September, 2008
This prayer of the assessee has been accepted
by the jurisdictional High Court in the case of Totgars Co-operative Society Ltd.,
ITA No.674/Bang/2023
Page 8 of 8
Vs. ITO reported in (2015) 58 taxmann.com 35 (Karnataka). In light of the above
judicial judgment of the Hon'ble High Court, the AO is directed to allow cost of
funds and proportionate administrative expenses for earning interest income to the
extent of Rs.9,05,550/- as deduction under section 57 of the Act. It is ordered
accordingly.
Pcit vs Sbi Staff Assn. Cooperative Society Ltd on 31 July, 2018
operative Society Ltd., (supra). However, the limited prayer of the assessee in this
appeal is to be provide deduction of cost of funds and proportionate administrative
expenses as a deduction under section 57 of the Act for interest income assessed
as "Income from Other Sources".
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