https://www.taxtmi.com/caselaws?id=9940 The court held that interest earned by a co-operative house building society from fixed deposits or savings accounts is considered income. The society's use of funds for purchasing agricultural land and developing it into residential plots was deemed legitimate as it was linked to land acquisition and development. Legal precedents were cited to support the decision, emphasizing that settled legal principles do not raise substantial legal questions. Consequently, the judgment was in favor of the co-operative house building society. en-us Fri, 22 Sep 2006 00:00:00 +0530 Fri, 03 Jul 2009 16:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9940 The court held that interest earned by a co-operative house building society from fixed deposits or savings accounts is considered income. The society's use of funds for purchasing agricultural land and developing it into residential plots was deemed legitimate as it was linked to land acquisition and development. Legal precedents were cited to support the decision, emphasizing that settled legal principles do not raise substantial legal questions. Consequently, the judgment was in favor of the co-operative house building society. Case-Laws Income Tax Fri, 22 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9940