https://www.taxtmi.com/caselaws?id=261985 Interest earned by a co-operative society on fixed deposits made from surplus funds temporarily not required for lending to members was held deductible under section 80P(2)(a)(i). The society's principal object was to provide credit facilities, and the interest had a proximate connection with that business. The expression "attributable to" was treated as wider than "derived from", so income from temporary deployment of surplus funds fell within the deduction. The case was distinguished from situations where the invested amount represents a liability payable to members, and the Revenue's challenge failed. en-us Fri, 24 Jul 2015 00:00:00 +0530 Wed, 29 Jul 2015 07:47:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261985 Interest earned by a co-operative society on fixed deposits made from surplus funds temporarily not required for lending to members was held deductible under section 80P(2)(a)(i). The society's principal object was to provide credit facilities, and the interest had a proximate connection with that business. The expression "attributable to" was treated as wider than "derived from", so income from temporary deployment of surplus funds fell within the deduction. The case was distinguished from situations where the invested amount represents a liability payable to members, and the Revenue's challenge failed. Case-Laws Income Tax Fri, 24 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261985