https://www.taxtmi.com/caselaws?id=428722 Interest earned by a co-operative credit society on savings bank accounts and fixed deposits with a nationalised bank was treated as eligible for deduction under section 80P(2)(a)(i). The Tribunal applied the broader expression "attributable to" rather than "derived from" and held that interest from temporary deployment of surplus operational funds remained connected with the business of providing credit facilities to members. It also noted that the society's objects were confined to member credit activity and its bye-laws permitted investment of surplus funds. Co-ordinate bench and jurisdictionally persuasive precedents distinguishing unrelated funds or distinct businesses were followed, and the deduction was allowed. en-us Thu, 06 Oct 2022 00:00:00 +0530 Sat, 08 Oct 2022 13:10:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428722 Interest earned by a co-operative credit society on savings bank accounts and fixed deposits with a nationalised bank was treated as eligible for deduction under section 80P(2)(a)(i). The Tribunal applied the broader expression "attributable to" rather than "derived from" and held that interest from temporary deployment of surplus operational funds remained connected with the business of providing credit facilities to members. It also noted that the society's objects were confined to member credit activity and its bye-laws permitted investment of surplus funds. Co-ordinate bench and jurisdictionally persuasive precedents distinguishing unrelated funds or distinct businesses were followed, and the deduction was allowed. Case-Laws Income Tax Thu, 06 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428722