https://www.taxtmi.com/caselaws?id=373783 Interest earned by primary agricultural credit societies on temporary investments with sub-treasuries and banks was treated as attributable to their credit or banking business and therefore eligible for deduction under section 80P(2)(a)(i). The text distinguishes Totgars, noting that the Supreme Court case involved interest on retained liabilities rather than funds invested in the course of banking activity. It also states that section 80P(4) does not deny the benefit to a primary agricultural credit society that is not carrying on exclusive banking business as a co-operative bank. en-us Wed, 16 Jan 2019 00:00:00 +0530 Sat, 19 Jan 2019 07:57:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373783 Interest earned by primary agricultural credit societies on temporary investments with sub-treasuries and banks was treated as attributable to their credit or banking business and therefore eligible for deduction under section 80P(2)(a)(i). The text distinguishes Totgars, noting that the Supreme Court case involved interest on retained liabilities rather than funds invested in the course of banking activity. It also states that section 80P(4) does not deny the benefit to a primary agricultural credit society that is not carrying on exclusive banking business as a co-operative bank. Case-Laws Income Tax Wed, 16 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373783