https://www.taxtmi.com/caselaws?id=362056 Interest earned by a primary agricultural credit society on treasury deposits was treated as income attributable to its banking-related activity and therefore deductible under section 80P(2)(a)(i). The Tribunal held that section 80P(4) did not bar the claim because the society was not a co-operative bank exclusively carrying on banking business and did not hold an RBI banking licence. It distinguished Totgars as fact-specific, noting that the deposits there represented surplus sale proceeds shown as a liability, unlike the society's own funds here. The assessee was therefore entitled to deduction on the interest income. en-us Wed, 13 Jun 2018 00:00:00 +0530 Mon, 18 Jun 2018 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362056 Interest earned by a primary agricultural credit society on treasury deposits was treated as income attributable to its banking-related activity and therefore deductible under section 80P(2)(a)(i). The Tribunal held that section 80P(4) did not bar the claim because the society was not a co-operative bank exclusively carrying on banking business and did not hold an RBI banking licence. It distinguished Totgars as fact-specific, noting that the deposits there represented surplus sale proceeds shown as a liability, unlike the society's own funds here. The assessee was therefore entitled to deduction on the interest income. Case-Laws Income Tax Wed, 13 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362056