Expenditure u/s. 57 to be allowed if interest on FD is not allowed u/s. 80P(2)(d): ITAT Bangalore

The Tungabhadra Credit Co-operative Society Vs ITO (ITAT Bangalore) ITAT Bangalore directed AO that claim in respect of interest on fixed deposits if any is not allowed u/s. 80P(2)(d) of the Income Tax Act has to be considered in accordance with law by allowing the expenditure u/s. 57 of the Income Tax Act. Facts- Claim of the assessee regarding deduction u/s. 80P(2)(a)(i) of the Income Tax Act was dismissed by the AO relying on the decision of Hon’ble Supreme Court in the case of Citizen Co-operative Society Ltd. vs. ACIT. Conclusion- Held that in the first round of litigation, this Tribuna...