https://www.taxtmi.com/caselaws?id=769353 Interest received on deposits held by a cooperative society from commercial and cooperative banks was classified as business income because the deposits arose from the society's day-to-day operational funds rather than withheld member dues; accordingly the income qualified for the statutory deduction available to cooperative societies and the assessee's claim was allowed. The reasoning treats interest on bank deposits as integral to business receipts of the society, leading to entitlement to deduction under the relevant cooperative-society deduction provision and resulting in allowance of the appeal. en-us Tue, 22 Apr 2025 00:00:00 +0530 Thu, 24 Apr 2025 09:13:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769353 Interest received on deposits held by a cooperative society from commercial and cooperative banks was classified as business income because the deposits arose from the society's day-to-day operational funds rather than withheld member dues; accordingly the income qualified for the statutory deduction available to cooperative societies and the assessee's claim was allowed. The reasoning treats interest on bank deposits as integral to business receipts of the society, leading to entitlement to deduction under the relevant cooperative-society deduction provision and resulting in allowance of the appeal. Case-Laws Income Tax Tue, 22 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769353