https://www.taxtmi.com/caselaws?id=263878 Interest earned by a co-operative society from deposits placed with co-operative banks qualifies for deduction under section 80P(2)(d) because the phrase "investments with any other co-operative society" was treated as wide enough to include deposits with a co-operative bank, absent an express statutory exclusion. The reasoning rejected a narrow distinction between investments and deposits and treated a co-operative bank as a co-operative society for this purpose. The ruling also confined Totgars to its facts, where the amount was a liability payable to members rather than surplus funds temporarily parked. On that basis, interest arising from surplus funds was held deductible. en-us Wed, 26 Aug 2015 00:00:00 +0530 Sat, 12 Sep 2015 07:42:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263878 Interest earned by a co-operative society from deposits placed with co-operative banks qualifies for deduction under section 80P(2)(d) because the phrase "investments with any other co-operative society" was treated as wide enough to include deposits with a co-operative bank, absent an express statutory exclusion. The reasoning rejected a narrow distinction between investments and deposits and treated a co-operative bank as a co-operative society for this purpose. The ruling also confined Totgars to its facts, where the amount was a liability payable to members rather than surplus funds temporarily parked. On that basis, interest arising from surplus funds was held deductible. Case-Laws Income Tax Wed, 26 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263878