https://www.taxtmi.com/caselaws?id=752436 Interest earned on surplus funds deposited with SBI was treated as income from other sources because it did not arise from the core activity of providing credit facilities to members. On that basis, the receipt was held not to qualify for deduction under section 80P(2)(a)(i) or section 80P(2)(d). The article also notes that once the income is assessed under the head income from other sources, expenditure incurred to earn it, including proportionate cost of funds and related administrative expense, must be examined under section 57(iii). The expenditure issue was therefore required to be verified afresh by the Assessing Officer. en-us Tue, 07 May 2024 00:00:00 +0530 Thu, 09 May 2024 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752436 Interest earned on surplus funds deposited with SBI was treated as income from other sources because it did not arise from the core activity of providing credit facilities to members. On that basis, the receipt was held not to qualify for deduction under section 80P(2)(a)(i) or section 80P(2)(d). The article also notes that once the income is assessed under the head income from other sources, expenditure incurred to earn it, including proportionate cost of funds and related administrative expense, must be examined under section 57(iii). The expenditure issue was therefore required to be verified afresh by the Assessing Officer. Case-Laws Income Tax Tue, 07 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752436