https://www.taxtmi.com/caselaws?id=756794 Interest earned by a co-operative credit society on bank deposits of surplus funds not immediately required for business was held outside the deduction available under section 80P, because the income was not attributable to the society's eligible co-operative activity and was taxable as income from other sources. The alternative claim for deduction of expenditure incurred to earn that interest was not finally rejected; the quantum and reasonableness of such expense were remitted for fresh consideration. The result was that the section 80P disallowance was sustained, with limited relief confined to reconsideration of attributable expenditure. en-us Wed, 07 Aug 2024 00:00:00 +0530 Thu, 08 Aug 2024 17:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756794 Interest earned by a co-operative credit society on bank deposits of surplus funds not immediately required for business was held outside the deduction available under section 80P, because the income was not attributable to the society's eligible co-operative activity and was taxable as income from other sources. The alternative claim for deduction of expenditure incurred to earn that interest was not finally rejected; the quantum and reasonableness of such expense were remitted for fresh consideration. The result was that the section 80P disallowance was sustained, with limited relief confined to reconsideration of attributable expenditure. Case-Laws Income Tax Wed, 07 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756794