https://www.taxtmi.com/caselaws?id=461674 Interest earned by a co-operative banking society on idle funds parked with nationalised banks can qualify for deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961, rather than being assessed as income from other sources under section 56. The Tribunal noted that the issue was covered in principle by the view supporting deduction for such receipts and that the assessee's character as a co-operative banking concern supported the claim. The adverse tax treatment of the interest income was therefore not sustained. en-us Tue, 16 Apr 2024 00:00:00 +0530 Mon, 21 Apr 2025 19:02:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461674 Interest earned by a co-operative banking society on idle funds parked with nationalised banks can qualify for deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961, rather than being assessed as income from other sources under section 56. The Tribunal noted that the issue was covered in principle by the view supporting deduction for such receipts and that the assessee's character as a co-operative banking concern supported the claim. The adverse tax treatment of the interest income was therefore not sustained. Case-Laws Income Tax Tue, 16 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461674