https://www.taxtmi.com/caselaws?id=417789 Interest from deposits made under statutory compulsion may have a business nexus with a credit co-operative society's lending activity, so deduction under section 80P(2)(a)(i) requires fresh factual and legal examination. The note also states that where such interest is instead assessed as income from other sources, only net income can be taxed and proportionate expenditure may be allowed under section 57. On this footing, the disputed interest-income issue was remitted for reconsideration, while the remaining directions in the revision order were maintained. en-us Thu, 27 Jan 2022 00:00:00 +0530 Tue, 01 Feb 2022 08:31:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417789 Interest from deposits made under statutory compulsion may have a business nexus with a credit co-operative society's lending activity, so deduction under section 80P(2)(a)(i) requires fresh factual and legal examination. The note also states that where such interest is instead assessed as income from other sources, only net income can be taxed and proportionate expenditure may be allowed under section 57. On this footing, the disputed interest-income issue was remitted for reconsideration, while the remaining directions in the revision order were maintained. Case-Laws Income Tax Thu, 27 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417789