https://www.taxtmi.com/caselaws?id=24029 Section 80P(2)(d) was construed broadly, with "investment" given its popular meaning rather than a narrow technical one. Short-term call deposits placed by one co-operative society with another co-operative bank for earning interest were treated as investments, even though they were withdrawable on different terms before maturity. Read in light of the object of the provision, the interest derived from such deposits qualified for deduction because it represented income from investment with another co-operative society. The co-operative law framework and the deposit approval mechanism supported that characterisation, and the deduction was held available to the assessee. en-us Tue, 28 Feb 1989 00:00:00 +0530 Sat, 16 Jan 2010 10:59:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24029 Section 80P(2)(d) was construed broadly, with "investment" given its popular meaning rather than a narrow technical one. Short-term call deposits placed by one co-operative society with another co-operative bank for earning interest were treated as investments, even though they were withdrawable on different terms before maturity. Read in light of the object of the provision, the interest derived from such deposits qualified for deduction because it represented income from investment with another co-operative society. The co-operative law framework and the deposit approval mechanism supported that characterisation, and the deduction was held available to the assessee. Case-Laws Income Tax Tue, 28 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24029