https://www.taxtmi.com/caselaws?id=276971 Interest earned by a co-operative bank on short-term fixed deposits of surplus or fluid funds was treated as income from investment of idle assets, not as profit arising from its mutual co-operative banking business. That income therefore fell under the head of "other sources" under the Income-tax Act, 1922, and did not qualify for exemption under the relevant Central Board of Revenue notifications, which covered only profits from the society's mutual co-operative business. The result was that such deposit interest remained taxable and outside the claimed exemption. en-us Tue, 02 Jul 1957 00:00:00 +0530 Wed, 21 Nov 2018 14:20:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276971 Interest earned by a co-operative bank on short-term fixed deposits of surplus or fluid funds was treated as income from investment of idle assets, not as profit arising from its mutual co-operative banking business. That income therefore fell under the head of "other sources" under the Income-tax Act, 1922, and did not qualify for exemption under the relevant Central Board of Revenue notifications, which covered only profits from the society's mutual co-operative business. The result was that such deposit interest remained taxable and outside the claimed exemption. Case-Laws Income Tax Tue, 02 Jul 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276971