https://www.taxtmi.com/caselaws?id=769024 Interest earned by a co-operative society on deposits made under a statutory obligation under the Karnataka Co-operative Societies law is treated as arising in the course of business and is eligible for deduction under section 80P(2)(a)(i), but only to the extent the deposits were ly mandated by statute. If any excess deposit is not covered by that requirement and the related interest is assessed as income from other sources, the corresponding expenditure must be allowed on a proportionate net-income basis. The matter was remitted for verification of the statutory-compulsion component and fresh computation accordingly. en-us Fri, 07 Mar 2025 00:00:00 +0530 Thu, 17 Apr 2025 10:39:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769024 Interest earned by a co-operative society on deposits made under a statutory obligation under the Karnataka Co-operative Societies law is treated as arising in the course of business and is eligible for deduction under section 80P(2)(a)(i), but only to the extent the deposits were ly mandated by statute. If any excess deposit is not covered by that requirement and the related interest is assessed as income from other sources, the corresponding expenditure must be allowed on a proportionate net-income basis. The matter was remitted for verification of the statutory-compulsion component and fresh computation accordingly. Case-Laws Income Tax Fri, 07 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769024