https://www.taxtmi.com/caselaws?id=35322 The SC held that interest income earned by a cooperative credit society from investments in short-term bank deposits and government securities does not qualify for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961. The court determined that such interest income cannot be attributed to activities covered under Section 80P(2)(a)(i) or 80P(2)(a)(iii), and upheld the Assessing Officer's decision to tax this income under Section 56. The court emphasized that the source of income is relevant for determining Section 80P applicability. en-us Mon, 08 Feb 2010 00:00:00 +0530 Tue, 06 May 2025 13:13:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35322 The SC held that interest income earned by a cooperative credit society from investments in short-term bank deposits and government securities does not qualify for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961. The court determined that such interest income cannot be attributed to activities covered under Section 80P(2)(a)(i) or 80P(2)(a)(iii), and upheld the Assessing Officer's decision to tax this income under Section 56. The court emphasized that the source of income is relevant for determining Section 80P applicability. Case-Laws Income Tax Mon, 08 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35322