https://www.taxtmi.com/caselaws?id=771276 Interest earned by a co-operative society on deposits with co-operative and other banks, including deposits said to be statutory or mandatory under the Karnataka Co-operative Societies Act, may qualify as business income eligible for deduction under Section 80P(2)(a)(i) if the deposits are attributable to the society's business or made in compliance with statutory requirements. The record, however, had not adequately examined whether the funds were surplus, reserve funds, or liabilities, or the related expenditure claim. The matter was therefore remitted for fresh consideration of the statutory deposit claim and the applicable legal position. en-us Tue, 08 Apr 2025 00:00:00 +0530 Fri, 23 May 2025 08:46:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771276 Interest earned by a co-operative society on deposits with co-operative and other banks, including deposits said to be statutory or mandatory under the Karnataka Co-operative Societies Act, may qualify as business income eligible for deduction under Section 80P(2)(a)(i) if the deposits are attributable to the society's business or made in compliance with statutory requirements. The record, however, had not adequately examined whether the funds were surplus, reserve funds, or liabilities, or the related expenditure claim. The matter was therefore remitted for fresh consideration of the statutory deposit claim and the applicable legal position. Case-Laws Income Tax Tue, 08 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771276