https://www.taxtmi.com/caselaws?id=467336 Interest earned by a co-operative credit society on deposits of surplus funds with commercial and co-operative banks was treated as attributable to its member-based business activity and deductible under section 80P(2)(a)(i). The society was not regarded as a co-operative bank within section 80P(4) because its activities were confined to members. Totgars and Citizen Co-operative Society were distinguished on facts, while Mavilayi supported eligibility where the society limits itself to member credit facilities. The appellate order allowing deduction on the disputed interest income was therefore sustained. en-us Wed, 19 Nov 2025 00:00:00 +0530 Thu, 12 Mar 2026 15:14:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467336 Interest earned by a co-operative credit society on deposits of surplus funds with commercial and co-operative banks was treated as attributable to its member-based business activity and deductible under section 80P(2)(a)(i). The society was not regarded as a co-operative bank within section 80P(4) because its activities were confined to members. Totgars and Citizen Co-operative Society were distinguished on facts, while Mavilayi supported eligibility where the society limits itself to member credit facilities. The appellate order allowing deduction on the disputed interest income was therefore sustained. Case-Laws Income Tax Wed, 19 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467336