https://www.taxtmi.com/caselaws?id=469475 Interest from deposits compulsorily maintained by a co-operative society with co-operative or nationalised banks can qualify as business income connected with its activities, so deduction under section 80P(2)(a)(i) is not to be denied merely because the funds are not circulating capital. If the deposits are not shown to be compulsory, the deduction claim must instead be examined on a net basis, and relief under section 57 may be available to the extent permissible. Because the nature of the deposits and the correct amount of eligible relief had not been verified, the matter required fresh examination and recomputation. en-us Fri, 07 Mar 2025 00:00:00 +0530 Thu, 18 Jun 2026 18:59:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469475 Interest from deposits compulsorily maintained by a co-operative society with co-operative or nationalised banks can qualify as business income connected with its activities, so deduction under section 80P(2)(a)(i) is not to be denied merely because the funds are not circulating capital. If the deposits are not shown to be compulsory, the deduction claim must instead be examined on a net basis, and relief under section 57 may be available to the extent permissible. Because the nature of the deposits and the correct amount of eligible relief had not been verified, the matter required fresh examination and recomputation. Case-Laws Income Tax Fri, 07 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469475