https://www.taxtmi.com/caselaws?id=796592 Interest and dividend from compulsory, fixed-deposit and savings-bank deposits of a co-operative credit society may qualify as business-income deduction where the deposits are deployed in its ordinary regulated lending activity, rather than representing its own surplus or operational funds. Reassessment initiated beyond the ordinary limitation period is invalid where the alleged escaped income that survives assessment falls below the prescribed threshold and is not represented by the required asset, expenditure or book entry. A penalty based solely on a quantum assessment restored for fresh assessment must be reconsidered after the fresh quantum determination. en-us Thu, 23 Jul 2026 00:00:00 +0530 Fri, 07 Aug 2026 09:07:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796592 Interest and dividend from compulsory, fixed-deposit and savings-bank deposits of a co-operative credit society may qualify as business-income deduction where the deposits are deployed in its ordinary regulated lending activity, rather than representing its own surplus or operational funds. Reassessment initiated beyond the ordinary limitation period is invalid where the alleged escaped income that survives assessment falls below the prescribed threshold and is not represented by the required asset, expenditure or book entry. A penalty based solely on a quantum assessment restored for fresh assessment must be reconsidered after the fresh quantum determination. Case-Laws Income Tax Thu, 23 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796592