Interest from Banks Classified as Income from Other Sources, Relief Granted u/s 57: ITAT Bangalore

Belve Vyavasaya Seva Sahakari Sangha Ltd. Vs ITO (ITAT Bangalore) In the matter abovementioned ITAT Banglore held that interest earned by the assessee from the co-operative banks/commercial bank is considered under the head income from other sources, relief to be granted to the assessee u/s 57 in accordance with law. Assessee is a Credit Society which provides credit facilities to its members only for their agriculture related activities as permitted under its bye-laws. Assessee had filed its return at NIL after claiming deduction u/s. 80P(2)(a)(i) amounting to Rs. 1,02,21,126/-. AO found that...