https://www.taxtmi.com/caselaws?id=367727 Interest earned by co-operative societies on deposits with sub-treasuries and banks was treated as business income when the investments were made out of the societies' own funds in the course of banking activity and credit facilities to members. Following coordinate Bench and High Court authority, the Tribunal distinguished Totgars because that case concerned retained sale proceeds belonging to members, not funds deployed as part of banking operations. As the assessees were primary agricultural credit societies and not co-operative banks hit by section 80P(4), the interest qualified for deduction under section 80P(2)(a)(i) and was not assessable as income from other sources. en-us Tue, 18 Sep 2018 00:00:00 +0530 Tue, 25 Sep 2018 08:25:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367727 Interest earned by co-operative societies on deposits with sub-treasuries and banks was treated as business income when the investments were made out of the societies' own funds in the course of banking activity and credit facilities to members. Following coordinate Bench and High Court authority, the Tribunal distinguished Totgars because that case concerned retained sale proceeds belonging to members, not funds deployed as part of banking operations. As the assessees were primary agricultural credit societies and not co-operative banks hit by section 80P(4), the interest qualified for deduction under section 80P(2)(a)(i) and was not assessable as income from other sources. Case-Laws Income Tax Tue, 18 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367727