Deduction u/s 57 was allowable on cost of funds and proportionate administrative expenses for earning Interest Income

Bharath Credit Co-operative Society Ltd. Vs ITO (ITAT Bangalore) Deduction u/s 57 was allowable on cost of funds and proportionate administrative expenses for earning Interest Income Conclusion: Deduction under Section 57 was allowable on the cost of funds and proportionate administrative expenses for earning interest income to the extent of Rs.9,05,550/-. Held: Assessee-co-operative society filed return of income declaring total income of Rs.2,50,200/-, after claiming deduction under section 80P amounting to Rs.33,00,407/-. AO, in the assessment completed under section 143(3), disallowed the ...