https://www.taxtmi.com/caselaws?id=372941 Interest earned by a co-operative society on fixed deposits created out of statutory reserve funds was treated as attributable to its business of providing credit facilities to members, so the deduction under section 80P(2)(a)(i) was allowed. Interest on deposits with MSEB was also regarded as business income because the deposits were made in the course of carrying on the society's business activity, and the same deduction was therefore allowed. The governing principle stated is that interest from deposits made pursuant to statutory reserve requirements or in the course of business retains the character of income attributable to the co-operative society's eligible activity. en-us Mon, 31 Dec 2018 00:00:00 +0530 Thu, 03 Jan 2019 08:12:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372941 Interest earned by a co-operative society on fixed deposits created out of statutory reserve funds was treated as attributable to its business of providing credit facilities to members, so the deduction under section 80P(2)(a)(i) was allowed. Interest on deposits with MSEB was also regarded as business income because the deposits were made in the course of carrying on the society's business activity, and the same deduction was therefore allowed. The governing principle stated is that interest from deposits made pursuant to statutory reserve requirements or in the course of business retains the character of income attributable to the co-operative society's eligible activity. Case-Laws Income Tax Mon, 31 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372941