https://www.taxtmi.com/caselaws?id=271760 A credit co-operative society that accepted deposits and advanced loans only to members, without a banking licence, was treated as outside the bar in section 80P(4), so deduction under section 80P(2)(a)(i) remained available. Interest earned from temporary deployment of surplus business funds in Government securities and debentures was also regarded as attributable to the society's credit business, with Totgars distinguished on facts, so the same deduction applied to that income as well. The Revenue's challenge failed, and the assessee obtained relief on both disputed tax issues. en-us Wed, 20 Jan 2016 00:00:00 +0530 Tue, 16 Feb 2016 06:17:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271760 A credit co-operative society that accepted deposits and advanced loans only to members, without a banking licence, was treated as outside the bar in section 80P(4), so deduction under section 80P(2)(a)(i) remained available. Interest earned from temporary deployment of surplus business funds in Government securities and debentures was also regarded as attributable to the society's credit business, with Totgars distinguished on facts, so the same deduction applied to that income as well. The Revenue's challenge failed, and the assessee obtained relief on both disputed tax issues. Case-Laws Income Tax Wed, 20 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271760