https://www.taxtmi.com/caselaws?id=312151 A co-operative housing federation was held entitled to deduction under section 80P(2)(a)(i) for interest earned from fixed deposits, saving bank balances, UTI deposits, and loans and advances to employees and members, because those receipts were attributable to funds deployed in the course of its banking or allied business activities. Guest house receipts were also treated as eligible on the same basis. Interest on income-tax refund and the UTI incentive amount were not deductible, as they were not attributable to the business. The Revenue's challenge therefore failed, and deduction was sustained only for the qualifying receipts. en-us Thu, 03 Nov 2011 00:00:00 +0530 Sat, 03 Feb 2024 13:12:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312151 A co-operative housing federation was held entitled to deduction under section 80P(2)(a)(i) for interest earned from fixed deposits, saving bank balances, UTI deposits, and loans and advances to employees and members, because those receipts were attributable to funds deployed in the course of its banking or allied business activities. Guest house receipts were also treated as eligible on the same basis. Interest on income-tax refund and the UTI incentive amount were not deductible, as they were not attributable to the business. The Revenue's challenge therefore failed, and deduction was sustained only for the qualifying receipts. Case-Laws Income Tax Thu, 03 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312151