https://www.taxtmi.com/caselaws?id=251807 The HC held that interest income earned from surplus funds deposited in FDRs by a cooperative society is taxable under income from other sources, not exempt under Section 80P(2)(a)(i). The principle of mutuality does not apply to such interest, as the transactions are between the society and a third party, not directly among members. The court noted the absence of findings by the CIT(A) on the specific exemption claim under Section 80P(2)(i), allowing the issue to be reconsidered on merits by the CIT(A). en-us Wed, 27 Aug 2014 00:00:00 +0530 Fri, 01 Aug 2025 15:44:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251807 The HC held that interest income earned from surplus funds deposited in FDRs by a cooperative society is taxable under income from other sources, not exempt under Section 80P(2)(a)(i). The principle of mutuality does not apply to such interest, as the transactions are between the society and a third party, not directly among members. The court noted the absence of findings by the CIT(A) on the specific exemption claim under Section 80P(2)(i), allowing the issue to be reconsidered on merits by the CIT(A). Case-Laws Income Tax Wed, 27 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251807