https://www.taxtmi.com/caselaws?id=773929 A Regional Rural Bank is treated as a co-operative society for income-tax purposes where the special statute deems it so and gives overriding effect, so deduction under section 80P(2)(a)(i) remains available. Interest on income-tax refund is also treated as incidental to banking business income and retains the same character for deduction under section 80P(2)(a)(i). The interest computation under section 244A requires limited verification, with recomputation directed from the correct remittance date up to the refund credit date. The substantive deduction claims succeed, while the interest calculation issue is remanded for fresh computation. en-us Fri, 27 Jun 2025 00:00:00 +0530 Mon, 30 Jun 2025 08:46:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773929 A Regional Rural Bank is treated as a co-operative society for income-tax purposes where the special statute deems it so and gives overriding effect, so deduction under section 80P(2)(a)(i) remains available. Interest on income-tax refund is also treated as incidental to banking business income and retains the same character for deduction under section 80P(2)(a)(i). The interest computation under section 244A requires limited verification, with recomputation directed from the correct remittance date up to the refund credit date. The substantive deduction claims succeed, while the interest calculation issue is remanded for fresh computation. Case-Laws Income Tax Fri, 27 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773929