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 deductio

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