https://www.taxtmi.com/caselaws?id=189708 Interest earned by a cooperative credit society on short-term bank deposits of operational funds used to maintain liquidity for its lending and deposit-taking business qualifies for deduction under section 80P(2)(a)(i). The deposits were treated as temporary parking of business funds, not investment of surplus funds. The ruling in Totgars Cooperative Sales Society Ltd. was distinguished because it concerned interest on surplus funds from a different factual setting, so the exclusion for surplus-fund interest did not apply. en-us Wed, 27 May 2015 00:00:00 +0530 Tue, 17 Jan 2017 20:44:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189708 Interest earned by a cooperative credit society on short-term bank deposits of operational funds used to maintain liquidity for its lending and deposit-taking business qualifies for deduction under section 80P(2)(a)(i). The deposits were treated as temporary parking of business funds, not investment of surplus funds. The ruling in Totgars Cooperative Sales Society Ltd. was distinguished because it concerned interest on surplus funds from a different factual setting, so the exclusion for surplus-fund interest did not apply. Case-Laws Income Tax Wed, 27 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189708