Interest Set-Off Allowed for Business Income u/s 40(ba); Section 57(iii) Permits Deduction for Society's Interest Payments.

Set off of interest paid to members of the society from Interest earned on bank deposits - Section 40 (ba) is applicable while computing business income. This clause is not applicable while computing income from other sources. There is no prohibition in Section 57 (iii) under which deduction of interest is eligible to the assessee society.- AT .....

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