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HC held that a registered co-operative credit society providing...
Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credit activities.
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HC held that a registered co-operative credit society providing credit facilities to its members was entitled to deduction under Section 80P(2)(a)(i) on interest earned from bank deposits, because the deposited funds were its own business funds and the interest retained the character of business income attributable to that activity. The Court followed earlier Division Bench rulings and distinguished the Supreme Court decision in Citizens Co-operative Society Limited, noting that case involved dealings with non-members and a finance business where mutuality was absent; the contrary orders were set aside and the matter was remitted for reconsideration accordingly.
HC held that a registered co-operative credit society providing credit facilities to its members was entitled to deduction under Section 80P(2)(a)(i) on interest earned from bank deposits, because the deposited funds were its own business funds and the interest retained the character of business income attributable to that activity. The Court followed earlier Division Bench rulings and distinguished the Supreme Court decision in Citizens Co-operative Society Limited, noting that case involved dealings with non-members and a finance business where mutuality was absent; the contrary orders were set aside and the matter was remitted for reconsideration accordingly.
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