https://www.taxtmi.com/caselaws?id=439699 Interest on surplus funds parked in a commercial bank was held not attributable to the co-operative society's credit business and therefore not eligible for deduction under section 80P, while interest on statutory bad debt and reserve funds, being integrally linked to the lending activity under the West Bengal Co-operative Societies Act, 2006, was treated as eligible business-attributable income. Holiday home receipts were treated as business income because the homes were operated on commercial lines with organised services; related business expenditure and depreciation were allowable, but the receipts did not qualify for deduction under section 80P merely because the property had been acquired from eligible income. en-us Tue, 27 Jun 2023 00:00:00 +0530 Fri, 30 Jun 2023 09:35:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439699 Interest on surplus funds parked in a commercial bank was held not attributable to the co-operative society's credit business and therefore not eligible for deduction under section 80P, while interest on statutory bad debt and reserve funds, being integrally linked to the lending activity under the West Bengal Co-operative Societies Act, 2006, was treated as eligible business-attributable income. Holiday home receipts were treated as business income because the homes were operated on commercial lines with organised services; related business expenditure and depreciation were allowable, but the receipts did not qualify for deduction under section 80P merely because the property had been acquired from eligible income. Case-Laws Income Tax Tue, 27 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439699