https://www.taxtmi.com/caselaws?id=467051 Interest earned by an agricultural credit co-operative society on investments with nationalised banks may need to be examined for deduction eligibility under section 80P by reference to the nature of the funds, the character of the income, and the statutory obligations governing the society. The Tribunal noted that such income arose from deployment of surplus funds and statutory fund management, and that prior co-ordinate bench decisions on similar receipts required consideration. The matter was restored to the assessing officer for fresh determination with appropriate directions, including reconsideration of the deduction claim and correct characterisation of the interest income. en-us Mon, 24 Feb 2025 00:00:00 +0530 Tue, 03 Mar 2026 17:28:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467051 Interest earned by an agricultural credit co-operative society on investments with nationalised banks may need to be examined for deduction eligibility under section 80P by reference to the nature of the funds, the character of the income, and the statutory obligations governing the society. The Tribunal noted that such income arose from deployment of surplus funds and statutory fund management, and that prior co-ordinate bench decisions on similar receipts required consideration. The matter was restored to the assessing officer for fresh determination with appropriate directions, including reconsideration of the deduction claim and correct characterisation of the interest income. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467051