https://www.taxtmi.com/caselaws?id=752390 Interest earned by a credit co-operative society on surplus investments with a co-operative bank was treated as income not attributable to its credit business, so deduction under section 80P(2)(a)(i) was denied. The same receipt also failed under section 80P(2)(d) because that provision applies only to interest from investments with another co-operative society, and a co-operative bank covered by section 80P(4) does not meet that condition. The matter was remitted only to verify the cost of funds and allow appropriate relief against the taxable interest income. en-us Tue, 07 May 2024 00:00:00 +0530 Wed, 08 May 2024 15:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752390 Interest earned by a credit co-operative society on surplus investments with a co-operative bank was treated as income not attributable to its credit business, so deduction under section 80P(2)(a)(i) was denied. The same receipt also failed under section 80P(2)(d) because that provision applies only to interest from investments with another co-operative society, and a co-operative bank covered by section 80P(4) does not meet that condition. The matter was remitted only to verify the cost of funds and allow appropriate relief against the taxable interest income. Case-Laws Income Tax Tue, 07 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752390