https://www.taxtmi.com/highlights?id=102787 Interest earned by a co-operative credit society on deposits of surplus profits may qualify as business income attributable to providing credit facilities to members where the deposits are mandated or permitted by the statute governing the society. This differs from interest on members' surplus receipts, which may be taxable as income from other sources. The deduction claim requires verification of the relevant deposit details and reconsideration in line with the applicable High Court principles. Expenditure disallowance for alleged tax-deduction failures and taxability of miscellaneous interest also require fresh examination where the society asserts non-service of a show-cause notice and seeks to furnish supporting particulars, ensuring an adequate opportunity of hearing. en-us Tue, 18 Aug 2026 09:34:02 +0530 Tue, 18 Aug 2026 09:34:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=102787 Interest earned by a co-operative credit society on deposits of surplus profits may qualify as business income attributable to providing credit facilities to members where the deposits are mandated or permitted by the statute governing the society. This differs from interest on members' surplus receipts, which may be taxable as income from other sources. The deduction claim requires verification of the relevant deposit details and reconsideration in line with the applicable High Court principles. Expenditure disallowance for alleged tax-deduction failures and taxability of miscellaneous interest also require fresh examination where the society asserts non-service of a show-cause notice and seeks to furnish supporting particulars, ensuring an adequate opportunity of hearing. Highlights Income Tax Tue, 18 Aug 2026 09:34:02 +0530 https://www.taxtmi.com/highlights?id=102787