Held  that the entire interest income  on the investment made with co-operative banks had been considered as income under section 56 of the Act and no expenditure under section 57(iii) had been allowed for earning such interest income. Therefore, the assessee is eligible for deduction of the cost for earning of such income. Accordingly, the issue was to be remanded to the Assessing Officer for fresh consideration in the light of the judgment of the High Court in Tatgars Co-Operative Sale Society Ltd v. ITO (2015) 58 taxmann.com 35 (Karn)(HC)  for determination of correct income after giving the assessee reasonable opportunity of being heard and decision of the issue as per law.(AY.2017-18)