https://www.taxtmi.com/caselaws?id=393537 Interest earned by a co-operative society on surplus or idle funds deposited with scheduled or nationalised banks is not attributable to the business of providing credit facilities to members, so deduction under section 80P(2)(a)(i) is unavailable. Interest earned from deposits with a co-operative bank also does not qualify under section 80P(2)(d), because that clause applies to income from investments in another co-operative society and a co-operative bank is excluded for section 80P purposes by section 80P(4). The disallowance of deduction on such bank interest was therefore sustained. en-us Fri, 31 Jan 2020 00:00:00 +0530 Tue, 17 Mar 2020 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393537 Interest earned by a co-operative society on surplus or idle funds deposited with scheduled or nationalised banks is not attributable to the business of providing credit facilities to members, so deduction under section 80P(2)(a)(i) is unavailable. Interest earned from deposits with a co-operative bank also does not qualify under section 80P(2)(d), because that clause applies to income from investments in another co-operative society and a co-operative bank is excluded for section 80P purposes by section 80P(4). The disallowance of deduction on such bank interest was therefore sustained. Case-Laws Income Tax Fri, 31 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393537