https://www.taxtmi.com/caselaws?id=379695 Interest earned by a cooperative society on investments with co-operative banks, other banks and sub-treasuries was treated as attributable to its banking activity, because the funds were placed as part of the society's business of providing credit facilities to members. Following co-ordinate bench and High Court rulings, the Tribunal held that interest arising from the society's own funds used in the course of banking operations is business income eligible for deduction under section 80P(2)(a)(i), rather than income from other sources. It also noted that section 80P(4) does not withdraw the benefit from a primary agricultural credit society that is not a cooperative bank carrying on banking business with a banking licence. en-us Thu, 02 May 2019 00:00:00 +0530 Mon, 06 May 2019 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379695 Interest earned by a cooperative society on investments with co-operative banks, other banks and sub-treasuries was treated as attributable to its banking activity, because the funds were placed as part of the society's business of providing credit facilities to members. Following co-ordinate bench and High Court rulings, the Tribunal held that interest arising from the society's own funds used in the course of banking operations is business income eligible for deduction under section 80P(2)(a)(i), rather than income from other sources. It also noted that section 80P(4) does not withdraw the benefit from a primary agricultural credit society that is not a cooperative bank carrying on banking business with a banking licence. Case-Laws Income Tax Thu, 02 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379695