The Income Tax Appellate Tribunal (ITAT), Bangalore bench deleted calculations made by AO on cost funds by applying a 15%flat ratio, the ad-hoc basis on interest income earned by cooperative society through providing credit facilities to its members. The assessee, Kanyakaparameshwari Vividoddesha a co-operative society registered under the Karnataka Cooperative Societies Act, 1959. It is…
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