https://www.taxtmi.com/highlights?id=72083 Deduction u/s 80P(2)(a) - interest income - When the assessee is wholly and exclusively doing its business for its members, the earning of interest on FDs with the banks is incidental to the assessee society’s business of accepting the deposit and provision of credit facilities from/to its members. Hence, the interest income has rightly been treated as business income by the assessee society and assessed to tax under the head “profit and gains of business”. - AT en-us Tue, 19 Sep 2023 12:15:27 +0530 Tue, 19 Sep 2023 12:15:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=72083 Deduction u/s 80P(2)(a) - interest income - When the assessee is wholly and exclusively doing its business for its members, the earning of interest on FDs with the banks is incidental to the assessee society’s business of accepting the deposit and provision of credit facilities from/to its members. Hence, the interest income has rightly been treated as business income by the assessee society and assessed to tax under the head “profit and gains of business”. - AT Highlights Income Tax Tue, 19 Sep 2023 12:15:27 +0530 https://www.taxtmi.com/highlights?id=72083