https://www.taxtmi.com/caselaws?id=468543 Locker-rent income earned by a co-operative credit society was held not to qualify for deduction as banking income under section 80P(2)(a)(i) because the society was not a co-operative bank and had not shown that locker facilities formed a proved incidental banking activity within its authorised operations. The deduction claim on gross locker rent was therefore rejected. However, the related expenditure claim, including depreciation, salary and proportionate overheads, had to be verified on the basis of net income rather than gross receipts. The matter was remitted for limited verification and allowance of the locker-related expenses to that extent. en-us Mon, 03 Feb 2025 00:00:00 +0530 Tue, 12 May 2026 19:15:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468543 Locker-rent income earned by a co-operative credit society was held not to qualify for deduction as banking income under section 80P(2)(a)(i) because the society was not a co-operative bank and had not shown that locker facilities formed a proved incidental banking activity within its authorised operations. The deduction claim on gross locker rent was therefore rejected. However, the related expenditure claim, including depreciation, salary and proportionate overheads, had to be verified on the basis of net income rather than gross receipts. The matter was remitted for limited verification and allowance of the locker-related expenses to that extent. Case-Laws Income Tax Mon, 03 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468543