https://www.taxtmi.com/caselaws?id=461891 Interest earned on fixed deposits and bank investments made in compliance with statutory reserve requirements under the cooperative framework was treated as attributable to the society's activities and deductible under section 80P, because the investments were linked to reserve obligations rather than surplus deployment. Interest accruing on provident fund balances of seasonal employees was not treated as the society's income, since the amounts were held only in a custodial capacity and the society had no beneficial ownership. The statutory-reserve related interest remained deductible, while the provident fund related addition was deleted, subject to limited recomputation. en-us Mon, 30 Sep 2024 00:00:00 +0530 Mon, 05 May 2025 12:17:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461891 Interest earned on fixed deposits and bank investments made in compliance with statutory reserve requirements under the cooperative framework was treated as attributable to the society's activities and deductible under section 80P, because the investments were linked to reserve obligations rather than surplus deployment. Interest accruing on provident fund balances of seasonal employees was not treated as the society's income, since the amounts were held only in a custodial capacity and the society had no beneficial ownership. The statutory-reserve related interest remained deductible, while the provident fund related addition was deleted, subject to limited recomputation. Case-Laws Income Tax Mon, 30 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461891