https://www.taxtmi.com/caselaws?id=792140 Interest income earned by a co-operative credit society from bank deposits was treated as attributable to its business of providing credit facilities to members, so it fell within the deduction framework under section 80P(2)(a)(i). The analysis treated the deposits as connected with the society's lending activity rather than a separate source of income. Provision for interest expenditure and provision for expenses, booked on the accrual basis as accrued liabilities in the business accounts, were also accepted as deductible, because the disallowance was not supported by a valid factual or legal basis. The assessment additions were therefore deleted. en-us Thu, 21 May 2026 00:00:00 +0530 Sat, 23 May 2026 08:27:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792140 Interest income earned by a co-operative credit society from bank deposits was treated as attributable to its business of providing credit facilities to members, so it fell within the deduction framework under section 80P(2)(a)(i). The analysis treated the deposits as connected with the society's lending activity rather than a separate source of income. Provision for interest expenditure and provision for expenses, booked on the accrual basis as accrued liabilities in the business accounts, were also accepted as deductible, because the disallowance was not supported by a valid factual or legal basis. The assessment additions were therefore deleted. Case-Laws Income Tax Thu, 21 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792140