Salary for Managing Multiple Bank A/cs Allowable u/s 57: ITAT Kolkata

Advertisement Dakshin Kalikata Sansad Vs ITO (ITAT Kolkata) Salary for Managing Multiple Bank A/cs Allowable u/s 57—CIT(A)’s Arbitrary Restriction Removed; Entire ₹7.50 Lakh Allowed The Assessee, a historic society registered in 1949 & holding 12A registration since 2003, filed return declaring income of ₹38,410 for AY 2018-19. The case was selected for scrutiny. The Assessee earned interest income of ₹41,48,848 from bank FDs/SB accounts (not covered by mutuality) and claimed ₹41,06,443 as deduction u/s 57. Assessment Order AO held that interest was taxable and disallowed th...