https://www.taxtmi.com/caselaws?id=469320 Interest earned by a co-operative society on fixed deposits made from its own surplus funds with a co-operative bank was treated as attributable to the society's eligible co-operative ity for deduction under section 80P(2)(a)(i). The analysis distinguished interest arising from members' money held as liabilities, which was said to stand on a different footing. On the facts recorded, the deposits were made from the society's own surplus funds and the society was engaged in eligible co-operative activities, so the deduction was allowable. The revisionary order under section 263 disallowing the deduction was therefore not sustainable and was quashed. en-us Tue, 04 Mar 2025 00:00:00 +0530 Sat, 13 Jun 2026 21:16:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469320 Interest earned by a co-operative society on fixed deposits made from its own surplus funds with a co-operative bank was treated as attributable to the society's eligible co-operative ity for deduction under section 80P(2)(a)(i). The analysis distinguished interest arising from members' money held as liabilities, which was said to stand on a different footing. On the facts recorded, the deposits were made from the society's own surplus funds and the society was engaged in eligible co-operative activities, so the deduction was allowable. The revisionary order under section 263 disallowing the deduction was therefore not sustainable and was quashed. Case-Laws Income Tax Tue, 04 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469320