https://www.taxtmi.com/caselaws?id=471489 Interest on fixed deposits with a licensed co-operative bank, where the funds are not required for operational lending activity, is taxable as income from other sources rather than business income attributable to providing credit facilities to members. It therefore does not qualify for deduction under section 80P(2)(a)(i). Interest from such deposits also does not qualify under section 80P(2)(d), because a scheduled co-operative bank operating under a banking licence is excluded from treatment as a co-operative society for that purpose. The fixed-deposit interest remains taxable without deduction under either limb. en-us Tue, 05 Mar 2024 00:00:00 +0530 Sat, 05 Sep 2026 14:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471489 Interest on fixed deposits with a licensed co-operative bank, where the funds are not required for operational lending activity, is taxable as income from other sources rather than business income attributable to providing credit facilities to members. It therefore does not qualify for deduction under section 80P(2)(a)(i). Interest from such deposits also does not qualify under section 80P(2)(d), because a scheduled co-operative bank operating under a banking licence is excluded from treatment as a co-operative society for that purpose. The fixed-deposit interest remains taxable without deduction under either limb. Case-Laws Income Tax Tue, 05 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471489