https://www.taxtmi.com/caselaws?id=797158 Interest earned by a primary agricultural credit society on deposits of surplus profits qualifies for deduction as profits attributable to providing credit facilities to members where the deposits are connected with, permitted by, or required for its lending business. Interest from members' funds or deposits lacking a business nexus is distinguishable, and entitlement requires factual verification. Disallowances for failure to deduct tax at source and the taxability of miscellaneous income require fresh examination where relevant expenditure, tax-deduction and income particulars were not furnished and an effective opportunity to provide them was allegedly unavailable. The relevant records must be examined in accordance with natural justice. en-us Mon, 10 Aug 2026 00:00:00 +0530 Tue, 18 Aug 2026 08:35:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797158 Interest earned by a primary agricultural credit society on deposits of surplus profits qualifies for deduction as profits attributable to providing credit facilities to members where the deposits are connected with, permitted by, or required for its lending business. Interest from members' funds or deposits lacking a business nexus is distinguishable, and entitlement requires factual verification. Disallowances for failure to deduct tax at source and the taxability of miscellaneous income require fresh examination where relevant expenditure, tax-deduction and income particulars were not furnished and an effective opportunity to provide them was allegedly unavailable. The relevant records must be examined in accordance with natural justice. Case-Laws Income Tax Mon, 10 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797158