https://www.taxtmi.com/caselaws?id=218091 A co-operative credit society confined to lending and deposit activities for its members was treated as distinct from a co-operative bank because it did not carry on banking business within the Banking Regulation Act; deduction under section 80P(2)(a)(i) was therefore available. Interest earned on surplus funds parked in bank deposits, where the funds were not immediately required for the society's business, was treated as income from other sources and not eligible for section 80P deduction. The Revenue's challenge failed, and the deduction granted to the society was sustained subject to taxation of such bank interest under the Income-tax Act. en-us Fri, 12 Oct 2012 00:00:00 +0530 Sat, 03 Nov 2012 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218091 A co-operative credit society confined to lending and deposit activities for its members was treated as distinct from a co-operative bank because it did not carry on banking business within the Banking Regulation Act; deduction under section 80P(2)(a)(i) was therefore available. Interest earned on surplus funds parked in bank deposits, where the funds were not immediately required for the society's business, was treated as income from other sources and not eligible for section 80P deduction. The Revenue's challenge failed, and the deduction granted to the society was sustained subject to taxation of such bank interest under the Income-tax Act. Case-Laws Income Tax Fri, 12 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218091