https://www.taxtmi.com/caselaws?id=375578 Interest received by a credit co-operative society from employer-companies for delayed remittance of salary-linked loan instalments was treated as arising from the society's lending business and the statutory recovery mechanism under section 49(3) of the Maharashtra Co-operative Societies Act, 1960. Because the society's core activity was providing credit facilities to members and the interest flowed directly from default in remitting deducted instalments, the receipt was regarded as part of business income connected with the eligible activity. The amount was therefore eligible for deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. en-us Mon, 18 Feb 2019 00:00:00 +0530 Thu, 21 Feb 2019 06:23:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375578 Interest received by a credit co-operative society from employer-companies for delayed remittance of salary-linked loan instalments was treated as arising from the society's lending business and the statutory recovery mechanism under section 49(3) of the Maharashtra Co-operative Societies Act, 1960. Because the society's core activity was providing credit facilities to members and the interest flowed directly from default in remitting deducted instalments, the receipt was regarded as part of business income connected with the eligible activity. The amount was therefore eligible for deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. Case-Laws Income Tax Mon, 18 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375578