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AO cannot restrict cost of fund on ad-hoc basis without any legal basis: ITAT Bangalore
Case Law Details
- Case Name
- Sri Kanyakaparameshwari Vividoddesha Sahakara Sangha Niyamita Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Bangalore
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Sri Kanyakaparameshwari Vividoddesha Sahakara Sangha Niyamita Vs ITO (ITAT Bangalore)
Introduction: The case of Sri Kanyakaparameshwari Vividoddesha Sahakara Sangha Niyamita vs. ITO, heard at ITAT Bangalore, revolves around the appeal against the CIT(A)’s order related to the Assessment Year 2011-12. The primary dispute involves the ad-hoc application of a 15% flat rate by the Assessing Officer (AO) on the cost of funds concerning interest income earned by the cooperative society.
Detailed Analysis: Sri Kanyakaparameshwari Vividoddesha Sahakara Sangha Niyamita, a cooperative society, fil...
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