https://www.taxtmi.com/caselaws?id=770231 Interest earned on fixed deposits and other bank investments made under the statutory reserve requirements for cooperative societies may be attributable to the society's business activity and can qualify for deduction under section 80P, so the deduction had to be recomputed on a fresh examination of the bye-laws, reserve requirements and investment breakup. Interest on provident fund balances of seasonal employees, however, could not be treated as the society's income because the amounts were held only in a custodial capacity for eventual payment to employees, and no taxable addition was sustainable on that account. en-us Wed, 30 Apr 2025 00:00:00 +0530 Thu, 08 May 2025 09:13:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770231 Interest earned on fixed deposits and other bank investments made under the statutory reserve requirements for cooperative societies may be attributable to the society's business activity and can qualify for deduction under section 80P, so the deduction had to be recomputed on a fresh examination of the bye-laws, reserve requirements and investment breakup. Interest on provident fund balances of seasonal employees, however, could not be treated as the society's income because the amounts were held only in a custodial capacity for eventual payment to employees, and no taxable addition was sustainable on that account. Case-Laws Income Tax Wed, 30 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770231