https://www.taxtmi.com/caselaws?id=367821 Interest earned by a primary agricultural credit society from investing its own surplus funds with sub-treasuries and banks is attributable to its banking or credit activity and is deductible under section 80P(2)(a)(i). The Tribunal distinguished Totgars because that case concerned retention of sale proceeds belonging to members, not the society's own business funds. It also noted that section 80P(4) does not deny the deduction to a primary agricultural credit society that is not carrying on banking as a co-operative bank. The interest was therefore not assessable as income from other sources, and the Revenue's challenge failed. en-us Mon, 24 Sep 2018 00:00:00 +0530 Wed, 26 Sep 2018 08:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367821 Interest earned by a primary agricultural credit society from investing its own surplus funds with sub-treasuries and banks is attributable to its banking or credit activity and is deductible under section 80P(2)(a)(i). The Tribunal distinguished Totgars because that case concerned retention of sale proceeds belonging to members, not the society's own business funds. It also noted that section 80P(4) does not deny the deduction to a primary agricultural credit society that is not carrying on banking as a co-operative bank. The interest was therefore not assessable as income from other sources, and the Revenue's challenge failed. Case-Laws Income Tax Mon, 24 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367821