https://www.taxtmi.com/caselaws?id=411795 Interest from deposits or investments with a co-operative bank is not deductible under section 80P(2)(d) because the provision applies only to income from another co-operative society. Interest on statutory deposits maintained under the Karnataka Co-operative Societies Act and Rules may need fresh examination as business income under section 80P(2)(a)(i) if the deposits were compulsory and had a direct nexus with the credit business. The broader deduction claim under section 80P(2)(a)(i) also requires reconsideration in light of the status of members, mutuality, and the nature of lending transactions. Partial relief was granted, with the remaining issues remanded for de novo examination. en-us Tue, 31 Aug 2021 00:00:00 +0530 Fri, 03 Sep 2021 09:06:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411795 Interest from deposits or investments with a co-operative bank is not deductible under section 80P(2)(d) because the provision applies only to income from another co-operative society. Interest on statutory deposits maintained under the Karnataka Co-operative Societies Act and Rules may need fresh examination as business income under section 80P(2)(a)(i) if the deposits were compulsory and had a direct nexus with the credit business. The broader deduction claim under section 80P(2)(a)(i) also requires reconsideration in light of the status of members, mutuality, and the nature of lending transactions. Partial relief was granted, with the remaining issues remanded for de novo examination. Case-Laws Income Tax Tue, 31 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411795