https://www.taxtmi.com/caselaws?id=393258 Interest earned by a co-operative credit society on investments of surplus or reserve funds may be treated on the same footing as the income considered in Totgar's and assessed as income from other sources rather than business income eligible for deduction under section 80P. The court also indicated that the deduction already allowed under section 80P(2)(d) remained valid, but the eligible interest on reserve-fund investments, if any, had to be separately computed. A limited remand was therefore warranted for the Assessing Officer to work out the reserve-fund interest and recompute the corresponding deduction under the statutory scheme. en-us Thu, 05 Mar 2020 00:00:00 +0530 Fri, 18 Sep 2020 13:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393258 Interest earned by a co-operative credit society on investments of surplus or reserve funds may be treated on the same footing as the income considered in Totgar's and assessed as income from other sources rather than business income eligible for deduction under section 80P. The court also indicated that the deduction already allowed under section 80P(2)(d) remained valid, but the eligible interest on reserve-fund investments, if any, had to be separately computed. A limited remand was therefore warranted for the Assessing Officer to work out the reserve-fund interest and recompute the corresponding deduction under the statutory scheme. Case-Laws Income Tax Thu, 05 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393258