https://www.taxtmi.com/caselaws?id=276310 Interest earned by a co-operative credit society on fixed deposits and other bank investments made from surplus business funds can qualify as income attributable to the business of providing credit facilities to members under section 80P(2)(a)(i), rather than being assessed as income from other sources under section 56. The Tribunal followed its coordinate-bench rulings and the Karnataka High Court's view in Tumkur Merchants Souharda Credit Cooperative Ltd., distinguishing Totgar's Cooperative Sale Society Ltd. on the basis that the deposits here arose from operational funds not immediately required for lending. The disallowance was therefore deleted. en-us Fri, 29 Jul 2016 00:00:00 +0530 Tue, 06 Nov 2018 07:12:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276310 Interest earned by a co-operative credit society on fixed deposits and other bank investments made from surplus business funds can qualify as income attributable to the business of providing credit facilities to members under section 80P(2)(a)(i), rather than being assessed as income from other sources under section 56. The Tribunal followed its coordinate-bench rulings and the Karnataka High Court's view in Tumkur Merchants Souharda Credit Cooperative Ltd., distinguishing Totgar's Cooperative Sale Society Ltd. on the basis that the deposits here arose from operational funds not immediately required for lending. The disallowance was therefore deleted. Case-Laws Income Tax Fri, 29 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276310