https://www.taxtmi.com/caselaws?id=274824 The High Court granted an absolute stay on the tax demand for a Primary Agricultural Credit Society, finding that the interest income earned from surplus funds may not be taxable under Section 80P(2)(d) of the Income Tax Act. The court allowed the petitioner's challenge to the order of stay on the tax demand, modifying it to provide an absolute stay until the appeal process was completed. The court upheld the deduction claim under Section 80P(2)(a)(i) but rejected the claim regarding the interest income, ultimately ruling in favor of the petitioner. en-us Thu, 21 Dec 2017 00:00:00 +0530 Thu, 06 Sep 2018 07:20:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274824 The High Court granted an absolute stay on the tax demand for a Primary Agricultural Credit Society, finding that the interest income earned from surplus funds may not be taxable under Section 80P(2)(d) of the Income Tax Act. The court allowed the petitioner's challenge to the order of stay on the tax demand, modifying it to provide an absolute stay until the appeal process was completed. The court upheld the deduction claim under Section 80P(2)(a)(i) but rejected the claim regarding the interest income, ultimately ruling in favor of the petitioner. Case-Laws Income Tax Thu, 21 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274824