https://www.taxtmi.com/caselaws?id=466797 Whether interest on bank fixed deposits constitutes business income for a cooperative society is addressed by analysing if the deposits formed part of operational funds invested to maintain liquidity and meet deposit liabilities; where such funds are operational and invested as part of business operations, interest is attributable to the society's business. The piece applies the doctrine of mutuality and appellate reasoning distinguishing public-origin surplus, and concludes that interest arising from deposits held to meet business obligations qualifies as business income and is eligible for the cooperative-society exemption deduction. en-us Tue, 25 Feb 2025 00:00:00 +0530 Thu, 19 Feb 2026 13:08:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466797 Whether interest on bank fixed deposits constitutes business income for a cooperative society is addressed by analysing if the deposits formed part of operational funds invested to maintain liquidity and meet deposit liabilities; where such funds are operational and invested as part of business operations, interest is attributable to the society's business. The piece applies the doctrine of mutuality and appellate reasoning distinguishing public-origin surplus, and concludes that interest arising from deposits held to meet business obligations qualifies as business income and is eligible for the cooperative-society exemption deduction. Case-Laws Income Tax Tue, 25 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466797