https://www.taxtmi.com/caselaws?id=759656 Interest earned by a credit co-operative society on fixed or term deposits placed with co-operative banks can qualify as business income linked to the society's lending activity, so deduction under section 80P(2)(a)(i) is available where the funds are deployed as business funds rather than surplus investments. Interest from investments made with co-operative societies, including co-operative banks treated as such for this purpose, can also fall within section 80P(2)(d), making the deduction available on that income as well. The interest disallowance was therefore set aside and the assessee's claim under section 80P was upheld. en-us Tue, 01 Oct 2024 00:00:00 +0530 Fri, 04 Oct 2024 17:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759656 Interest earned by a credit co-operative society on fixed or term deposits placed with co-operative banks can qualify as business income linked to the society's lending activity, so deduction under section 80P(2)(a)(i) is available where the funds are deployed as business funds rather than surplus investments. Interest from investments made with co-operative societies, including co-operative banks treated as such for this purpose, can also fall within section 80P(2)(d), making the deduction available on that income as well. The interest disallowance was therefore set aside and the assessee's claim under section 80P was upheld. Case-Laws Income Tax Tue, 01 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759656