https://www.taxtmi.com/caselaws?id=772374 Deduction claims by a co-operative society were analysed on two statutory points: membership restrictions and compulsory investment requirements. The text states that eligibility for deduction depended on whether associate and nominal membership exceeded the limit under the governing cooperative law, so the tax authority could verify the facts and apply proportionate exclusion if needed. It also states that interest on fixed deposits with co-operative banks could be deductible if the deposits were statutory and mandatory, requiring factual and legal verification before treating the income as taxable other sources income. The matter was remitted for fresh examination, with no final denial of the deduction on either issue. en-us Thu, 29 May 2025 00:00:00 +0530 Sat, 07 Jun 2025 08:32:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772374 Deduction claims by a co-operative society were analysed on two statutory points: membership restrictions and compulsory investment requirements. The text states that eligibility for deduction depended on whether associate and nominal membership exceeded the limit under the governing cooperative law, so the tax authority could verify the facts and apply proportionate exclusion if needed. It also states that interest on fixed deposits with co-operative banks could be deductible if the deposits were statutory and mandatory, requiring factual and legal verification before treating the income as taxable other sources income. The matter was remitted for fresh examination, with no final denial of the deduction on either issue. Case-Laws Income Tax Thu, 29 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772374