https://www.taxtmi.com/caselaws?id=789669 Interest income earned on temporary bank deposits of surplus business funds by a co-operative credit society may retain its character as income attributable to the business of providing credit facilities to members, supporting deduction under Section 80P(2)(a)(i) of the Income-tax Act, 1961. Section 80P is treated as a beneficial provision for co-operative societies, and the expression "attributable to" is applied more broadly than "derived from". Depositing surplus funds with a bank, where done for safe custody and not as an activity alien to the credit business, does not by itself destroy the business character of the receipts. en-us Thu, 26 Mar 2026 00:00:00 +0530 Sat, 11 Apr 2026 08:53:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789669 Interest income earned on temporary bank deposits of surplus business funds by a co-operative credit society may retain its character as income attributable to the business of providing credit facilities to members, supporting deduction under Section 80P(2)(a)(i) of the Income-tax Act, 1961. Section 80P is treated as a beneficial provision for co-operative societies, and the expression "attributable to" is applied more broadly than "derived from". Depositing surplus funds with a bank, where done for safe custody and not as an activity alien to the credit business, does not by itself destroy the business character of the receipts. Case-Laws Income Tax Thu, 26 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789669