https://www.taxtmi.com/caselaws?id=794243 For a co-operative society providing credit facilities to members, interest earned on deposits with co-operative banks and other banks may qualify as profits attributable to that activity and be deductible under section 80P(2)(a)(i). No distinction is drawn between interest from co-operative banks and scheduled banks for this purpose, and treating part of that interest as taxable under section 57 is not supported. Appellate delay may be condoned where sufficient cause is established, the taxpayer acts promptly upon discovering the omission, and no mala fides are evident; the duration of delay is secondary to sufficient cause. en-us Mon, 29 Jun 2026 00:00:00 +0530 Thu, 02 Jul 2026 08:07:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794243 For a co-operative society providing credit facilities to members, interest earned on deposits with co-operative banks and other banks may qualify as profits attributable to that activity and be deductible under section 80P(2)(a)(i). No distinction is drawn between interest from co-operative banks and scheduled banks for this purpose, and treating part of that interest as taxable under section 57 is not supported. Appellate delay may be condoned where sufficient cause is established, the taxpayer acts promptly upon discovering the omission, and no mala fides are evident; the duration of delay is secondary to sufficient cause. Case-Laws Income Tax Mon, 29 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794243