https://www.taxtmi.com/caselaws?id=754812 Interest earned by a primary agricultural credit co-operative society on investments in banks and co-operative banks was held not deductible under section 80P(2)(a)(i) because such income was not attributable to the business of providing credit facilities to members, and a claim based on statutory compulsion to invest could not override the plain language of the provision. Deduction under section 80P(2)(d) was not finally determined, as the legal character of the interest-paying entity and its status vis-a -vis a co-operative bank required factual verification. The computation of taxable income, including cost of funds and related expenditure, was also remitted for fresh factual examination by the Assessing Officer. en-us Wed, 26 Jun 2024 00:00:00 +0530 Fri, 28 Jun 2024 12:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754812 Interest earned by a primary agricultural credit co-operative society on investments in banks and co-operative banks was held not deductible under section 80P(2)(a)(i) because such income was not attributable to the business of providing credit facilities to members, and a claim based on statutory compulsion to invest could not override the plain language of the provision. Deduction under section 80P(2)(d) was not finally determined, as the legal character of the interest-paying entity and its status vis-a -vis a co-operative bank required factual verification. The computation of taxable income, including cost of funds and related expenditure, was also remitted for fresh factual examination by the Assessing Officer. Case-Laws Income Tax Wed, 26 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754812