https://www.taxtmi.com/caselaws?id=298259 Interest earned by a primary agricultural credit co-operative society on surplus funds placed in fixed deposits was held attributable to the business of providing credit facilities to members, because the funds were not amounts payable to members and were not held as a liability. The wider expression "attributable to" in section 80P was applied rather than the narrower "derived from", and the Supreme Court decision in Totgars was distinguished on the basis that it concerned retained sale proceeds representing a liability. The fixed-deposit interest therefore qualified for deduction under section 80P(2)(a)(i), and the disallowance was held unsustainable. en-us Wed, 31 May 2017 00:00:00 +0530 Fri, 22 Oct 2021 21:25:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298259 Interest earned by a primary agricultural credit co-operative society on surplus funds placed in fixed deposits was held attributable to the business of providing credit facilities to members, because the funds were not amounts payable to members and were not held as a liability. The wider expression "attributable to" in section 80P was applied rather than the narrower "derived from", and the Supreme Court decision in Totgars was distinguished on the basis that it concerned retained sale proceeds representing a liability. The fixed-deposit interest therefore qualified for deduction under section 80P(2)(a)(i), and the disallowance was held unsustainable. Case-Laws Income Tax Wed, 31 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298259