https://www.taxtmi.com/caselaws?id=795428 Section 80P covers a Souharda co-operative society registered under the Karnataka Souharda Sahakari Act where it provides credit facilities to members. Interest on temporary bank deposits of surplus funds not required for lending and not representing member liabilities is treated as attributable to that business and qualifies for deduction. Cash received in specified bank notes from members during demonetisation requires verification of members' identities through complete KYC records; verified receipts should not attract a section 68 addition, while any sustained addition is subject to the amended tax rate applicable from assessment year 2017-18. en-us Tue, 30 Jun 2026 00:00:00 +0530 Wed, 22 Jul 2026 08:48:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795428 Section 80P covers a Souharda co-operative society registered under the Karnataka Souharda Sahakari Act where it provides credit facilities to members. Interest on temporary bank deposits of surplus funds not required for lending and not representing member liabilities is treated as attributable to that business and qualifies for deduction. Cash received in specified bank notes from members during demonetisation requires verification of members' identities through complete KYC records; verified receipts should not attract a section 68 addition, while any sustained addition is subject to the amended tax rate applicable from assessment year 2017-18. Case-Laws Income Tax Tue, 30 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795428