https://www.taxtmi.com/caselaws?id=273110 Interest earned by a primary agricultural credit society on sub-treasury deposits was treated as attributable to its banking activity and eligible for deduction under Section 80P(2)(a)(i). The Tribunal explained that Section 80P(4) is aimed at excluding only co-operative banks exclusively carrying on banking business, not primary agricultural credit societies or similar societies covered by Section 80P(2)(a)(i). It also distinguished Totgars, noting that the deposits here arose from the society's banking operations rather than surplus sale proceeds. The income was therefore not assessed as income from other sources. en-us Wed, 12 Jul 2017 00:00:00 +0530 Wed, 06 Jun 2018 12:18:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273110 Interest earned by a primary agricultural credit society on sub-treasury deposits was treated as attributable to its banking activity and eligible for deduction under Section 80P(2)(a)(i). The Tribunal explained that Section 80P(4) is aimed at excluding only co-operative banks exclusively carrying on banking business, not primary agricultural credit societies or similar societies covered by Section 80P(2)(a)(i). It also distinguished Totgars, noting that the deposits here arose from the society's banking operations rather than surplus sale proceeds. The income was therefore not assessed as income from other sources. Case-Laws Income Tax Wed, 12 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273110