https://www.taxtmi.com/caselaws?id=466882 Interest earned on short-term fixed deposits placed from surplus member funds is treated as receipts attributable to the cooperative society's credit business rather than a separate undertaking; the statutory phrase "attributable to" is construed more broadly than "derived from" and covers incidental receipts arising from prudent investment of surplus funds. Applying that principle, interest on bank fixed deposits linked to acceptance of member deposits and lending activities qualifies for deduction under Section 80P(2)(a)(i) of the Income-tax Act, 1961, and the assessee's claim on this issue succeeds. en-us Tue, 21 Jun 2022 00:00:00 +0530 Tue, 24 Feb 2026 16:08:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466882 Interest earned on short-term fixed deposits placed from surplus member funds is treated as receipts attributable to the cooperative society's credit business rather than a separate undertaking; the statutory phrase "attributable to" is construed more broadly than "derived from" and covers incidental receipts arising from prudent investment of surplus funds. Applying that principle, interest on bank fixed deposits linked to acceptance of member deposits and lending activities qualifies for deduction under Section 80P(2)(a)(i) of the Income-tax Act, 1961, and the assessee's claim on this issue succeeds. Case-Laws Income Tax Tue, 21 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466882