https://www.taxtmi.com/caselaws?id=309744 Interest earned by a co-operative credit society on fixed deposits made out of statutory reserve funds was treated as attributable to its business of providing credit facilities to members and not as income from other sources. Because the deposits were made pursuant to a legal reserve requirement and were integrally connected with the society's business operations, the interest qualified for deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. The Tribunal followed its earlier view in the assessee's own case and distinguished situations involving voluntary deployment of surplus funds. en-us Tue, 06 Aug 2019 00:00:00 +0530 Wed, 20 Sep 2023 08:42:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309744 Interest earned by a co-operative credit society on fixed deposits made out of statutory reserve funds was treated as attributable to its business of providing credit facilities to members and not as income from other sources. Because the deposits were made pursuant to a legal reserve requirement and were integrally connected with the society's business operations, the interest qualified for deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. The Tribunal followed its earlier view in the assessee's own case and distinguished situations involving voluntary deployment of surplus funds. Case-Laws Income Tax Tue, 06 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309744