https://www.taxtmi.com/caselaws?id=332553 Interest earned by a co-operative society on surplus funds not immediately required for its lending activity was treated as outside the deduction available under section 80P(2)(a)(i), because only income truly attributable to the specified credit activity qualifies. The Court distinguished such investment income from interest arising directly from member-credit operations and indicated that it is ordinarily taxable as income from other sources. At the same time, interest from investments of reserve funds governed by sections 63 and 64 of the Multi-State Co-operative Societies Act, 2002 remained eligible, and the matter was remanded for fresh computation after separating that income and netting any related interest expenditure. en-us Fri, 15 Jul 2016 00:00:00 +0530 Fri, 03 Feb 2017 18:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332553 Interest earned by a co-operative society on surplus funds not immediately required for its lending activity was treated as outside the deduction available under section 80P(2)(a)(i), because only income truly attributable to the specified credit activity qualifies. The Court distinguished such investment income from interest arising directly from member-credit operations and indicated that it is ordinarily taxable as income from other sources. At the same time, interest from investments of reserve funds governed by sections 63 and 64 of the Multi-State Co-operative Societies Act, 2002 remained eligible, and the matter was remanded for fresh computation after separating that income and netting any related interest expenditure. Case-Laws Income Tax Fri, 15 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332553