ITAT deletes calculation made by AO on cost of funds by applying 15% flat rate on ad-hoc basis on interest income earned by cooperative society [Read Order]

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…