https://www.taxtmi.com/caselaws?id=34659 The High Court held that interest earned on bank deposits by an apex housing co-operative society providing credit facilities to members is exempt under section 80P(2)(a)(i) of the Income-tax Act. The Court disagreed with the Tribunal's decision to remit the case for fresh computation despite income exemption. The issue of interest taxability without deducting LIC loan interest was deemed academic. The judgment emphasized that interest on bank deposits is incidental to the business and eligible for deduction, citing precedent. en-us Fri, 28 Mar 2008 00:00:00 +0530 Tue, 06 Oct 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34659 The High Court held that interest earned on bank deposits by an apex housing co-operative society providing credit facilities to members is exempt under section 80P(2)(a)(i) of the Income-tax Act. The Court disagreed with the Tribunal's decision to remit the case for fresh computation despite income exemption. The issue of interest taxability without deducting LIC loan interest was deemed academic. The judgment emphasized that interest on bank deposits is incidental to the business and eligible for deduction, citing precedent. Case-Laws Income Tax Fri, 28 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34659