Held\u00a0 that the entire interest income\u00a0 on the investment made with co-operative banks had been considered as income under section\u00a056\u00a0of the Act and no expenditure under section\u00a057(iii)\u00a0had 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)\u00a0 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)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 80P : Co-operative societies-Interest-Investment With Co-Operative Banks-Income from other sources-Eligible for deduction of cost for earning of such income-Matter remanded to Assessing Officer for fresh consideration. [S.56, 57(iii),80P(2)(d)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-50357","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-d6d","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=50357"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50357\/revisions"}],"predecessor-version":[{"id":50358,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50357\/revisions\/50358"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=50357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=50357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=50357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}