https://www.taxtmi.com/caselaws?id=456175 Interest earned by cooperative societies on fixed deposits maintained to satisfy statutory reserve requirements may fall within deduction under section 80P(2) where the income is attributable to the society's cooperative business and the investment is a condition of carrying on that activity. The analysis emphasises the wider scope of "attributable to" over "derived from" and notes prior authority supporting deduction for statutory investments. Because the record lacked adequate findings on the interest linked to statutory reserves and did not fully examine the bye-laws and additional materials, the matter was remitted for fresh adjudication in accordance with law after considering the relevant documents and legal position. en-us Thu, 01 Sep 2022 00:00:00 +0530 Thu, 04 Jul 2024 23:20:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456175 Interest earned by cooperative societies on fixed deposits maintained to satisfy statutory reserve requirements may fall within deduction under section 80P(2) where the income is attributable to the society's cooperative business and the investment is a condition of carrying on that activity. The analysis emphasises the wider scope of "attributable to" over "derived from" and notes prior authority supporting deduction for statutory investments. Because the record lacked adequate findings on the interest linked to statutory reserves and did not fully examine the bye-laws and additional materials, the matter was remitted for fresh adjudication in accordance with law after considering the relevant documents and legal position. Case-Laws Income Tax Thu, 01 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456175