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of ITAT remitted the matter to the file of the AO for determination and computation of business income, income from other sources and entitlement to deduction under s.80P. The Tribunal held: interest derived exclusively from credit facilities to members constitutes operating profit of the co-operative society and is deductible under s.80P(2)(a)(i); interest on statutory deposits/maintenance of fluid resources is attributable to business and deductible under s.80P(2)(a)(i) irrespective of bank category; interest on investments in entities qualifying as a 'banking company' (per statutory definition and licencing) in excess of statutory limits is income from other sources and not eligible for s.80P(2)(d), though fund-cost and related administrative expenses are allowable under s.57; interest or dividends from investments in other co-operative societies are fully deductible under s.80P(2)(d); idle surplus fund interest beyond statutory requirements is not business income and not deductible under s.80P(2)(a)(i).
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