https://www.taxtmi.com/caselaws?id=786117 Revisionary action challenged the disallowance of a cooperative society's deduction for interest on investments as not being attributable to its lending business. The tribunal found that interest earned on temporary bank deposits can be attributable to carrying on the business of banking when funds were surplus and not member liabilities, relying on favorable jurisdictional precedent; alternative contrary precedent exists but AO followed a bona fide view. Consequently the revisional order was unsustainable and the taxpayer's appeal was allowed. en-us Tue, 03 Feb 2026 00:00:00 +0530 Thu, 05 Feb 2026 11:46:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786117 Revisionary action challenged the disallowance of a cooperative society's deduction for interest on investments as not being attributable to its lending business. The tribunal found that interest earned on temporary bank deposits can be attributable to carrying on the business of banking when funds were surplus and not member liabilities, relying on favorable jurisdictional precedent; alternative contrary precedent exists but AO followed a bona fide view. Consequently the revisional order was unsustainable and the taxpayer's appeal was allowed. Case-Laws Income Tax Tue, 03 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786117