https://www.taxtmi.com/caselaws?id=759034 HC held for the assessee that interest earned on deposits of surplus profits retained under the Multi-State Co-operative Societies Act formed part of profits attributable to its principal activity of providing credit to members and therefore qualified under Section 80P(2)(a). Prudential deposit of surplus did not alter the character of income; earning interest was merely enhancement of business profits. The court distinguished precedents where surplus due to members had been appropriated and followed prior HC decisions treating such interest as business-attributable, resulting in a decision in favor of the assessee. en-us Wed, 04 Sep 2024 00:00:00 +0530 Mon, 27 Apr 2026 16:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759034 HC held for the assessee that interest earned on deposits of surplus profits retained under the Multi-State Co-operative Societies Act formed part of profits attributable to its principal activity of providing credit to members and therefore qualified under Section 80P(2)(a). Prudential deposit of surplus did not alter the character of income; earning interest was merely enhancement of business profits. The court distinguished precedents where surplus due to members had been appropriated and followed prior HC decisions treating such interest as business-attributable, resulting in a decision in favor of the assessee. Case-Laws Income Tax Wed, 04 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759034