https://www.taxtmi.com/caselaws?id=471687 Interest earned by a co-operative society from placing surplus profits with the Treasury, scheduled banks and district co-operative banks remains attributable to its business of providing credit facilities to members. Prudent deposit of surplus funds in permitted banking institutions does not sever the connection between that interest income and the society's principal business. Interest received from the District Co-operative Bank and the Treasury therefore qualifies for deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. en-us Wed, 09 Apr 2025 00:00:00 +0530 Mon, 14 Sep 2026 19:03:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471687 Interest earned by a co-operative society from placing surplus profits with the Treasury, scheduled banks and district co-operative banks remains attributable to its business of providing credit facilities to members. Prudent deposit of surplus funds in permitted banking institutions does not sever the connection between that interest income and the society's principal business. Interest received from the District Co-operative Bank and the Treasury therefore qualifies for deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. Case-Laws Income Tax Wed, 09 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471687