https://www.taxtmi.com/caselaws?id=353866 A primary agricultural credit society was treated as eligible for deduction on interest earned from sub-treasury deposits because it was engaged in providing credit facilities to members and was not a co-operative bank carrying on banking business. Section 80P(4) was held inapplicable since the society did not hold an RBI banking licence and its activities did not fall within the banking exclusion. The reliance on Totgars was distinguished on facts, and the interest was regarded as attributable to the society's credit activity. Deduction under section 80P(2) was therefore available on the interest income. en-us Thu, 11 Jan 2018 00:00:00 +0530 Fri, 12 Jan 2018 19:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353866 A primary agricultural credit society was treated as eligible for deduction on interest earned from sub-treasury deposits because it was engaged in providing credit facilities to members and was not a co-operative bank carrying on banking business. Section 80P(4) was held inapplicable since the society did not hold an RBI banking licence and its activities did not fall within the banking exclusion. The reliance on Totgars was distinguished on facts, and the interest was regarded as attributable to the society's credit activity. Deduction under section 80P(2) was therefore available on the interest income. Case-Laws Income Tax Thu, 11 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353866