https://www.taxtmi.com/caselaws?id=456196 The HC allowed the appeal in favor of the Revenue, overturning the Tribunal's decision, and ruled against the Assessee. It concluded that interest earned on surplus funds deposited with post offices and banks by a cooperative credit society is taxable under Section 56 of the Income Tax Act, 1961, as it does not qualify for deduction under Section 80P(2)(d). The decision emphasized that such investments are not aligned with the primary objectives of a cooperative credit society. en-us Tue, 06 Dec 2016 00:00:00 +0530 Sat, 06 Jul 2024 06:35:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456196 The HC allowed the appeal in favor of the Revenue, overturning the Tribunal's decision, and ruled against the Assessee. It concluded that interest earned on surplus funds deposited with post offices and banks by a cooperative credit society is taxable under Section 56 of the Income Tax Act, 1961, as it does not qualify for deduction under Section 80P(2)(d). The decision emphasized that such investments are not aligned with the primary objectives of a cooperative credit society. Case-Laws Income Tax Tue, 06 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456196