https://www.taxtmi.com/caselaws?id=435751 Interest earned on deposits made under a statutory mandate may have business nexus and may require examination for deduction under section 80P. The Tribunal noted that the assessee, a primary agricultural credit society, claimed that the investments were made in compliance with the Karnataka Co-operative Societies Act and Rules, and that this statutory compulsion could affect the character of the interest income. Instead of finally deciding deductibility on the existing record, the matter was sent back to the Assessing Officer to verify whether the deposits were made in accordance with the statutory framework and whether the interest could be treated as business income eligible for deduction. en-us Tue, 14 Feb 2023 00:00:00 +0530 Sat, 25 Mar 2023 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435751 Interest earned on deposits made under a statutory mandate may have business nexus and may require examination for deduction under section 80P. The Tribunal noted that the assessee, a primary agricultural credit society, claimed that the investments were made in compliance with the Karnataka Co-operative Societies Act and Rules, and that this statutory compulsion could affect the character of the interest income. Instead of finally deciding deductibility on the existing record, the matter was sent back to the Assessing Officer to verify whether the deposits were made in accordance with the statutory framework and whether the interest could be treated as business income eligible for deduction. Case-Laws Income Tax Tue, 14 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435751