https://www.taxtmi.com/caselaws?id=799226 Interest earned by a co-operative credit society on temporary deposits of funds not immediately required for lending to members is attributable to its business of providing credit facilities. Such interest qualifies for deduction under Section 80P(2)(a)(i) where the deposits represent the society's own deployable funds rather than amounts retained for, or payable to, members. The separate deduction applicable to investments with another co-operative society does not govern this position. Interest on bank deposits was therefore treated as qualifying business income, requiring deletion of the addition made for non-qualifying income. en-us Tue, 15 Sep 2026 00:00:00 +0530 Fri, 18 Sep 2026 07:32:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799226 Interest earned by a co-operative credit society on temporary deposits of funds not immediately required for lending to members is attributable to its business of providing credit facilities. Such interest qualifies for deduction under Section 80P(2)(a)(i) where the deposits represent the society's own deployable funds rather than amounts retained for, or payable to, members. The separate deduction applicable to investments with another co-operative society does not govern this position. Interest on bank deposits was therefore treated as qualifying business income, requiring deletion of the addition made for non-qualifying income. Case-Laws Income Tax Tue, 15 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799226