https://www.taxtmi.com/caselaws?id=273115 Interest earned by a primary agricultural credit society on sub-treasury deposits was treated as business income because the deposits arose from funds deployed in the course of its credit activity, not from unrelated surplus funds. The Tribunal applied earlier co-ordinate Bench and High Court authorities distinguishing cases where interest stemmed from retained liabilities or idle funds. It further held that section 80P(4) did not deny deduction to such a society, so the interest remained eligible for deduction under section 80P(2) and was not assessable as income from other sources. en-us Tue, 17 Oct 2017 00:00:00 +0530 Wed, 06 Jun 2018 12:18:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273115 Interest earned by a primary agricultural credit society on sub-treasury deposits was treated as business income because the deposits arose from funds deployed in the course of its credit activity, not from unrelated surplus funds. The Tribunal applied earlier co-ordinate Bench and High Court authorities distinguishing cases where interest stemmed from retained liabilities or idle funds. It further held that section 80P(4) did not deny deduction to such a society, so the interest remained eligible for deduction under section 80P(2) and was not assessable as income from other sources. Case-Laws Income Tax Tue, 17 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273115