https://www.taxtmi.com/caselaws?id=358394 Interest earned by a credit co-operative society on deposits placed with co-operative banks, when made in the course of business operations and under the governing regulatory framework, was treated as attributable to the society's business and deductible under section 80P(2)(a)(i). The analysis distinguished interest on surplus funds not required for business purposes, which was not the factual position here. Once the main deduction claim was accepted, the alternate claim under section 80P(2)(d) became academic. The Revenue's challenge on treatment of the interest as income from other sources therefore failed. en-us Wed, 04 Apr 2018 00:00:00 +0530 Wed, 11 Apr 2018 08:02:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358394 Interest earned by a credit co-operative society on deposits placed with co-operative banks, when made in the course of business operations and under the governing regulatory framework, was treated as attributable to the society's business and deductible under section 80P(2)(a)(i). The analysis distinguished interest on surplus funds not required for business purposes, which was not the factual position here. Once the main deduction claim was accepted, the alternate claim under section 80P(2)(d) became academic. The Revenue's challenge on treatment of the interest as income from other sources therefore failed. Case-Laws Income Tax Wed, 04 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358394