https://www.taxtmi.com/caselaws?id=345937 HC held that the assessee-co-operative society is not entitled to deduction under Section 80P(2)(d) on interest income earned from deposits/investments of idle or surplus funds with a co-operative bank for AYs 2007-08 to 2011-12. The Court ruled that the decisive factor is the character of the income: interest earned from deploying surplus funds, not arising from the society's business operations, constitutes "income from other sources" and not business income eligible under Section 80P. The nature of the payer (scheduled bank or co-operative bank) does not alter this character. Revenue's appeals were allowed; the assessee's appeals were dismissed. en-us Fri, 16 Jun 2017 00:00:00 +0530 Thu, 11 Dec 2025 10:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345937 HC held that the assessee-co-operative society is not entitled to deduction under Section 80P(2)(d) on interest income earned from deposits/investments of idle or surplus funds with a co-operative bank for AYs 2007-08 to 2011-12. The Court ruled that the decisive factor is the character of the income: interest earned from deploying surplus funds, not arising from the society's business operations, constitutes "income from other sources" and not business income eligible under Section 80P. The nature of the payer (scheduled bank or co-operative bank) does not alter this character. Revenue's appeals were allowed; the assessee's appeals were dismissed. Case-Laws Income Tax Fri, 16 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345937