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1. This case deals with the disallowance of expenditure u/s 14A of the Income Tax Act, which pertains to expenditure incurred in relation to exempt income. The key points...

2. In the present case, the Assessing Officer (AO) disallowed the expenditure claimed u/s 57(iii) of the Income Tax Act on an ad-hoc basis. The AO did not challenge the...

3. Deduction u/s 80P(2)(d) - Interest income earned by the Society comes with the category of income from other sources and Section 80P(2)(d) deals with the eligible...

4. Deductibility of interest income from investments u/s 80P(2)(a)(i) of the Income Tax Act for a primary agricultural credit cooperative society. The key points are: The...

5. Deduction u/s 80P(2)(a) is allowed for a cooperative society earning interest and dividend income from deposits with a Delhi State Cooperative Bank registered under the...

6. Interest expenses claim against the interest income received - It is the nature of the business and all the expenditure incurred in earning the income is allowable...

7. Deduction u/s 80P - deduction of income earned as interest/dividend from co-operative bank is allowable. Section 80P(2)(d) reflects that if income by way of interest or...

8. Claim of Expenditure on hawala business - Assessee also did not submit any proof of incurring any expenditure. Income was also not assessed on net basis @ 0.30 %. No...

9. Income from other sources - Deduction of interest expenditure - direction of the CIT – A in restricting the deduction to the extent of income earned of term deposit -...

10. The assessee claimed deduction of brokerage expenses u/s 57(iii) against income from other sources. The Assessing Officer disallowed part of the expenses in proportion...

11. Expenditure incurred by the assessee towards earning income from providing consultancy services - it would be appropriate and just to estimate the expenditure and...

12. Deduction u/s 80P(2) on interest income - To invest the deposits accepted from the members or the surplus funds available with it, is part of the banking/credit business...

13. Interest income earned by a co-operative society formed and managed by the Government, in its regular course of operations, forms part of revenue attributable to...

14. Disallowance u/s 14A read with Rule 8D - In any case, as per section 14A(3) whether or not the assessee has incurred any expenditure for earning exempt income, a part of...

15. Deduction claimed u/s 57 against income returned u/s 56 - manner of apportioning assessee's expenses to earning income u/s 56 disputed - Revenue authorities rejecting...