https://www.taxtmi.com/caselaws?id=390087 Interest earned by a co-operative society engaged in banking and credit facilities on fixed deposits made from reserve and operational funds was held attributable to its business and therefore deductible under section 80P(2)(a)(i). The Tribunal treated the broader statutory phrase "attributable to" as covering deposits made under a statutory obligation and distinguished surplus-investment cases. It also held that, if such interest is assessed separately, the proportionate expenditure incurred to earn that income must be allowed, since taxation must reflect net income from the source. The additions were deleted and consequential relief on related expenditure followed. en-us Tue, 17 Dec 2019 00:00:00 +0530 Thu, 19 Dec 2019 09:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390087 Interest earned by a co-operative society engaged in banking and credit facilities on fixed deposits made from reserve and operational funds was held attributable to its business and therefore deductible under section 80P(2)(a)(i). The Tribunal treated the broader statutory phrase "attributable to" as covering deposits made under a statutory obligation and distinguished surplus-investment cases. It also held that, if such interest is assessed separately, the proportionate expenditure incurred to earn that income must be allowed, since taxation must reflect net income from the source. The additions were deleted and consequential relief on related expenditure followed. Case-Laws Income Tax Tue, 17 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390087