https://www.taxtmi.com/caselaws?id=242260 A co-operative credit society that confined its activity to providing credit facilities to members remained eligible for deduction under section 80P(2)(a)(i), because section 80P(4) excludes co-operative banks and does not extend to every credit society; the Revenue's challenge failed. Interest on bank deposits held as business liquidity for lending operations was treated as different from surplus idle funds under Totgars, so it was not taxable as income from other sources under section 56 on those facts; the assessee succeeded on the cross objection. The Revenue's appeal was rejected and relief was granted on both issues. en-us Wed, 31 Oct 2012 00:00:00 +0530 Wed, 13 Aug 2025 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242260 A co-operative credit society that confined its activity to providing credit facilities to members remained eligible for deduction under section 80P(2)(a)(i), because section 80P(4) excludes co-operative banks and does not extend to every credit society; the Revenue's challenge failed. Interest on bank deposits held as business liquidity for lending operations was treated as different from surplus idle funds under Totgars, so it was not taxable as income from other sources under section 56 on those facts; the assessee succeeded on the cross objection. The Revenue's appeal was rejected and relief was granted on both issues. Case-Laws Income Tax Wed, 31 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242260