https://www.taxtmi.com/caselaws?id=469789 Interest on fixed deposits placed with nationalised banks was treated as surplus-fund income outside the society's operational business activity, so it did not qualify for deduction under section 80P(2)(a)(i). Rental income, after standard deduction, was also held to be unconnected with the society's core cooperative objects and therefore outside section 80P(2)(a)(i). The alternative claim under section 80P(2)(c)(ii) was rejected because the interest and rental receipts were not treated as income from a specified cooperative activity and the claim had not been raised in the return. The assessee's section 80P deduction claim thus failed on all grounds. en-us Mon, 10 Mar 2025 00:00:00 +0530 Fri, 03 Jul 2026 19:00:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469789 Interest on fixed deposits placed with nationalised banks was treated as surplus-fund income outside the society's operational business activity, so it did not qualify for deduction under section 80P(2)(a)(i). Rental income, after standard deduction, was also held to be unconnected with the society's core cooperative objects and therefore outside section 80P(2)(a)(i). The alternative claim under section 80P(2)(c)(ii) was rejected because the interest and rental receipts were not treated as income from a specified cooperative activity and the claim had not been raised in the return. The assessee's section 80P deduction claim thus failed on all grounds. Case-Laws Income Tax Mon, 10 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469789