https://www.taxtmi.com/caselaws?id=795183 Interest earned by a co-operative credit society on bank deposits maintained to meet co-operative law and banking-guideline requirements for its member credit-facility business qualifies for deduction under Section 80P(2)(a)(i). Such interest retains the character of business income attributable to providing credit facilities where the deposits arise during and remain connected with that principal activity. The principle concerning temporary investment of sale proceeds by agricultural-produce marketing societies does not apply to these business-linked deposits. A co-operative credit society lacking a banking licence is not disqualified merely because it places its funds with banks. en-us Thu, 05 Mar 2026 00:00:00 +0530 Sat, 18 Jul 2026 08:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795183 Interest earned by a co-operative credit society on bank deposits maintained to meet co-operative law and banking-guideline requirements for its member credit-facility business qualifies for deduction under Section 80P(2)(a)(i). Such interest retains the character of business income attributable to providing credit facilities where the deposits arise during and remain connected with that principal activity. The principle concerning temporary investment of sale proceeds by agricultural-produce marketing societies does not apply to these business-linked deposits. A co-operative credit society lacking a banking licence is not disqualified merely because it places its funds with banks. Case-Laws Income Tax Thu, 05 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795183