https://www.taxtmi.com/caselaws?id=379679 Interest earned by primary agricultural credit societies on deposits with sub-treasuries, district co-operative banks and other banks was treated as income attributable to their banking and credit activity, not as income from other sources. The Tribunal applied its consistent earlier view that such investment income arises in the course of carrying on the societies' business and falls within section 80P(2)(a)(i). It also noted that the exclusion in section 80P(4) did not apply to societies of this nature and distinguished Totgars on the facts. The interest income was therefore eligible for deduction, and the Revenue's challenge failed. en-us Tue, 30 Apr 2019 00:00:00 +0530 Tue, 07 May 2019 06:05:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379679 Interest earned by primary agricultural credit societies on deposits with sub-treasuries, district co-operative banks and other banks was treated as income attributable to their banking and credit activity, not as income from other sources. The Tribunal applied its consistent earlier view that such investment income arises in the course of carrying on the societies' business and falls within section 80P(2)(a)(i). It also noted that the exclusion in section 80P(4) did not apply to societies of this nature and distinguished Totgars on the facts. The interest income was therefore eligible for deduction, and the Revenue's challenge failed. Case-Laws Income Tax Tue, 30 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379679