https://www.taxtmi.com/caselaws?id=795183 Interest on bank deposits maintained by a co-operative credit society in compliance with co-operative law and banking guidelines is analysed as business income attributable to providing credit facilities to members. The notes distinguish deposits connected with the society's core credit activity from temporarily retained sale proceeds in an agricultural marketing context. They state that a society lacking a banking licence is not excluded from the deduction merely because it places funds with banks. On this analysis, such interest is treated as eligible for deduction under Section 80P(2)(a)(i). 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 on bank deposits maintained by a co-operative credit society in compliance with co-operative law and banking guidelines is analysed as business income attributable to providing credit facilities to members. The notes distinguish deposits connected with the society's core credit activity from temporarily retained sale proceeds in an agricultural marketing context. They state that a society lacking a banking licence is not excluded from the deduction merely because it places funds with banks. On this analysis, such interest is treated as eligible for deduction under Section 80P(2)(a)(i). Case-Laws Income Tax Thu, 05 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795183