https://www.taxtmi.com/caselaws?id=298219 Interest earned by a co-operative credit society on fixed deposits made from surplus operational funds was treated as attributable to its eligible business activity, because the deposits were parked in accordance with the society's governing law and bye-laws and were distinguished from income arising from unrelated investments. The revenue's cited precedent was found inapplicable on those facts, and the disallowance under section 80P(2)(a)(i) was set aside. The alternative claim for deduction under section 80P(2)(d), which had been raised but not decided by the first appellate authority, was remanded for fresh adjudication. en-us Thu, 04 Oct 2018 00:00:00 +0530 Thu, 21 Oct 2021 08:15:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298219 Interest earned by a co-operative credit society on fixed deposits made from surplus operational funds was treated as attributable to its eligible business activity, because the deposits were parked in accordance with the society's governing law and bye-laws and were distinguished from income arising from unrelated investments. The revenue's cited precedent was found inapplicable on those facts, and the disallowance under section 80P(2)(a)(i) was set aside. The alternative claim for deduction under section 80P(2)(d), which had been raised but not decided by the first appellate authority, was remanded for fresh adjudication. Case-Laws Income Tax Thu, 04 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298219