https://www.taxtmi.com/caselaws?id=469319 Interest earned by an employees' co-operative society from fixed deposits made out of its own surplus funds was held deductible under section 80P(2)(a)(i), because the income remained attributable to the society's eligible activities. The ruling distinguished Totgars on the basis that Totgars concerned members' monies retained by the society, whereas the present deposits represented the society's own funds. Following the jurisdictional High Court in Vavveru Co-operative Rural Bank Ltd., the disallowance was deleted and the deduction claim was allowed. 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=469319 Interest earned by an employees' co-operative society from fixed deposits made out of its own surplus funds was held deductible under section 80P(2)(a)(i), because the income remained attributable to the society's eligible activities. The ruling distinguished Totgars on the basis that Totgars concerned members' monies retained by the society, whereas the present deposits represented the society's own funds. Following the jurisdictional High Court in Vavveru Co-operative Rural Bank Ltd., the disallowance was deleted and the deduction claim was allowed. Case-Laws Income Tax Tue, 04 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469319