https://www.taxtmi.com/caselaws?id=362215 Interest earned by a primary agricultural credit society on deposits placed with sub-treasuries and a district co-operative bank was treated as attributable to its credit activity and not as income from other sources. The Tribunal applied the distinction that such a society, which lends to its members without an RBI banking licence, is not barred by Section 80P(4) merely because it carries on member-based lending. On that basis, the interest from the identified deposits was held eligible for deduction under Section 80P(2)(a)(i), and the corresponding disallowance was set aside in part. The ground relating to interest from scheduled banks was not pressed. en-us Tue, 19 Jun 2018 00:00:00 +0530 Wed, 20 Jun 2018 19:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362215 Interest earned by a primary agricultural credit society on deposits placed with sub-treasuries and a district co-operative bank was treated as attributable to its credit activity and not as income from other sources. The Tribunal applied the distinction that such a society, which lends to its members without an RBI banking licence, is not barred by Section 80P(4) merely because it carries on member-based lending. On that basis, the interest from the identified deposits was held eligible for deduction under Section 80P(2)(a)(i), and the corresponding disallowance was set aside in part. The ground relating to interest from scheduled banks was not pressed. Case-Laws Income Tax Tue, 19 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362215