https://www.taxtmi.com/caselaws?id=388071 Interest earned by a primary agricultural credit society from investments of its own surplus business funds with sub-treasuries, district co-operative banks and other banks was treated as attributable to its credit activity and eligible for deduction under section 80P(2)(a)(i). The Tribunal held that the society was engaged in providing credit facilities to members and did not hold a banking licence from the RBI, so the interest remained within the scope of its business income. Totgars was distinguished because it concerned liabilities payable to members, not own funds deployed in business operations. Section 80P(4) was held not to deny the deduction to a primary agricultural credit society that was not functioning as an exclusive co-operative bank. en-us Thu, 01 Aug 2019 00:00:00 +0530 Thu, 07 Nov 2019 07:33:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388071 Interest earned by a primary agricultural credit society from investments of its own surplus business funds with sub-treasuries, district co-operative banks and other banks was treated as attributable to its credit activity and eligible for deduction under section 80P(2)(a)(i). The Tribunal held that the society was engaged in providing credit facilities to members and did not hold a banking licence from the RBI, so the interest remained within the scope of its business income. Totgars was distinguished because it concerned liabilities payable to members, not own funds deployed in business operations. Section 80P(4) was held not to deny the deduction to a primary agricultural credit society that was not functioning as an exclusive co-operative bank. Case-Laws Income Tax Thu, 01 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388071