https://www.taxtmi.com/caselaws?id=367814 Interest earned by a cooperative society from temporary investments of its own funds with sub-treasuries and banks, when made in the course of banking or credit-facility activities, is attributable to that business and qualifies for deduction under section 80P(2)(a)(i). The Tribunal distinguished Totgars Cooperative Sale Society Ltd. on the basis that the deposits represented the societies' own surplus funds, not amounts payable to members, and followed the consistent view that such income forms part of the society's business income. Section 80P(4) did not bar relief because the assessees were not cooperative banks carrying on banking business exclusively under a banking licence. The Revenue's challenge therefore failed. en-us Tue, 18 Sep 2018 00:00:00 +0530 Wed, 26 Sep 2018 08:49:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367814 Interest earned by a cooperative society from temporary investments of its own funds with sub-treasuries and banks, when made in the course of banking or credit-facility activities, is attributable to that business and qualifies for deduction under section 80P(2)(a)(i). The Tribunal distinguished Totgars Cooperative Sale Society Ltd. on the basis that the deposits represented the societies' own surplus funds, not amounts payable to members, and followed the consistent view that such income forms part of the society's business income. Section 80P(4) did not bar relief because the assessees were not cooperative banks carrying on banking business exclusively under a banking licence. The Revenue's challenge therefore failed. Case-Laws Income Tax Tue, 18 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367814