https://www.taxtmi.com/caselaws?id=468981 Interest earned by a co-operative society on bank deposits made from operational funds maintained for business requirements was treated as income from banking or business activity, so it qualified for deduction under section 80P(2)(a)(i) and was not assessable under section 56 as income from other sources. The Tribunal followed its earlier coordinate bench view on an identical issue and distinguished Totgars on the basis that that case involved surplus marketing funds, whereas the present deposits were linked to operational requirements. The Revenue's objection failed and the deduction was upheld. en-us Wed, 18 Sep 2024 00:00:00 +0530 Wed, 27 May 2026 20:06:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468981 Interest earned by a co-operative society on bank deposits made from operational funds maintained for business requirements was treated as income from banking or business activity, so it qualified for deduction under section 80P(2)(a)(i) and was not assessable under section 56 as income from other sources. The Tribunal followed its earlier coordinate bench view on an identical issue and distinguished Totgars on the basis that that case involved surplus marketing funds, whereas the present deposits were linked to operational requirements. The Revenue's objection failed and the deduction was upheld. Case-Laws Income Tax Wed, 18 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468981