https://www.taxtmi.com/caselaws?id=75715 HC upheld the ITAT's finding that interest from securities and bank deposits (other than co-operative banks) arose from surplus funds and constituted income from other sources, not qualifying for deduction under s.80P(2)(a)(i). The court found no obligation to hold such investments as part of circulating capital and that interest earning was not the society's business. HC also held reopening under s.147 and notice under s.148 valid because prior permission from the Additional Commissioner was obtained. The appeal was dismissed. en-us Tue, 30 Sep 2008 00:00:00 +0530 Mon, 01 Jun 2026 14:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75715 HC upheld the ITAT's finding that interest from securities and bank deposits (other than co-operative banks) arose from surplus funds and constituted income from other sources, not qualifying for deduction under s.80P(2)(a)(i). The court found no obligation to hold such investments as part of circulating capital and that interest earning was not the society's business. HC also held reopening under s.147 and notice under s.148 valid because prior permission from the Additional Commissioner was obtained. The appeal was dismissed. Case-Laws Income Tax Tue, 30 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75715