https://www.taxtmi.com/caselaws?id=357873 Interest earned by a co-operative credit society on fixed deposits placed with nationalised banks was treated as arising from funds deployed in the course of its business, not as income from other sources. The analysis turned on the distinction between idle surplus funds and money parked due to statutory or business requirements, including reserve fund obligations under the Maharashtra Co-operative Societies Act, 1960. On those facts, the interest qualified for deduction under section 80P(2)(a) of the Income-tax Act, 1961. en-us Mon, 26 Mar 2018 00:00:00 +0530 Sat, 31 Mar 2018 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357873 Interest earned by a co-operative credit society on fixed deposits placed with nationalised banks was treated as arising from funds deployed in the course of its business, not as income from other sources. The analysis turned on the distinction between idle surplus funds and money parked due to statutory or business requirements, including reserve fund obligations under the Maharashtra Co-operative Societies Act, 1960. On those facts, the interest qualified for deduction under section 80P(2)(a) of the Income-tax Act, 1961. Case-Laws Income Tax Mon, 26 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357873