https://www.taxtmi.com/caselaws?id=373845 Interest earned by a co-operative society or co-operative bank from investments made in the course of its banking or credit facilities business was treated as attributable to that business and therefore eligible for deduction under section 80P(2)(a)(i). The Tribunal followed co-ordinate bench and High Court authority holding that such income is business income where the investments are deployed from the entity's own funds in the course of banking activity. It distinguished Totgars on the basis that that case concerned retained sale proceeds belonging to members, not the society's own surplus funds. The assessee was accordingly entitled to the deduction on the interest income from sub-treasuries and banks. en-us Thu, 17 Jan 2019 00:00:00 +0530 Mon, 21 Jan 2019 09:44:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373845 Interest earned by a co-operative society or co-operative bank from investments made in the course of its banking or credit facilities business was treated as attributable to that business and therefore eligible for deduction under section 80P(2)(a)(i). The Tribunal followed co-ordinate bench and High Court authority holding that such income is business income where the investments are deployed from the entity's own funds in the course of banking activity. It distinguished Totgars on the basis that that case concerned retained sale proceeds belonging to members, not the society's own surplus funds. The assessee was accordingly entitled to the deduction on the interest income from sub-treasuries and banks. Case-Laws Income Tax Thu, 17 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373845