https://www.taxtmi.com/caselaws?id=469685 Interest earned by a credit co-operative society on surplus funds invested with co-operative banks and other banks remained deductible under section 80P(2)(a)(i) because it was attributable to the society's credit facilities business. Section 80P(4) did not bar the deduction, as that exclusion applies only to co-operative banks and not to every co-operative society; in the absence of an RBI banking licence, the society was not treated as a co-operative bank. The Revenue's challenge therefore failed, and the interest-related addition was not sustained. en-us Thu, 13 Jun 2024 00:00:00 +0530 Mon, 29 Jun 2026 14:23:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469685 Interest earned by a credit co-operative society on surplus funds invested with co-operative banks and other banks remained deductible under section 80P(2)(a)(i) because it was attributable to the society's credit facilities business. Section 80P(4) did not bar the deduction, as that exclusion applies only to co-operative banks and not to every co-operative society; in the absence of an RBI banking licence, the society was not treated as a co-operative bank. The Revenue's challenge therefore failed, and the interest-related addition was not sustained. Case-Laws Income Tax Thu, 13 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469685