https://www.taxtmi.com/caselaws?id=467083 Interest and allied receipts of a cooperative credit society had to be examined under the correct income head, including whether savings bank interest could qualify for deduction under section 80P. Where bank-deposit interest is assessed as income from other sources, corresponding expenditure may have to be determined under section 57. The business nexus of surplus-fund investments also required reconsideration, as such returns may be attributable to the business of providing credit facilities to members. The matter was remitted to the Assessing Officer for fresh adjudication with an opportunity of hearing to the assessee. en-us Tue, 17 Jan 2023 00:00:00 +0530 Thu, 05 Mar 2026 19:17:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467083 Interest and allied receipts of a cooperative credit society had to be examined under the correct income head, including whether savings bank interest could qualify for deduction under section 80P. Where bank-deposit interest is assessed as income from other sources, corresponding expenditure may have to be determined under section 57. The business nexus of surplus-fund investments also required reconsideration, as such returns may be attributable to the business of providing credit facilities to members. The matter was remitted to the Assessing Officer for fresh adjudication with an opportunity of hearing to the assessee. Case-Laws Income Tax Tue, 17 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467083