https://www.taxtmi.com/caselaws?id=765901 Interest earned by a primary agricultural co-operative credit society on deposits made from its own surplus funds with a co-operative bank was treated as income attributable to its business activities and therefore eligible for deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. The ITAT distinguished cases involving different factual settings, including deposits of members' funds, and followed prior Tribunal and High Court authority supporting deduction for such interest income. The disallowance was set aside, and the deduction was allowed in favour of the assessee. en-us Mon, 10 Feb 2025 00:00:00 +0530 Wed, 12 Feb 2025 08:30:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765901 Interest earned by a primary agricultural co-operative credit society on deposits made from its own surplus funds with a co-operative bank was treated as income attributable to its business activities and therefore eligible for deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. The ITAT distinguished cases involving different factual settings, including deposits of members' funds, and followed prior Tribunal and High Court authority supporting deduction for such interest income. The disallowance was set aside, and the deduction was allowed in favour of the assessee. Case-Laws Income Tax Mon, 10 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765901