https://www.taxtmi.com/caselaws?id=472429 Interest earned by a consumer co-operative society on deposits with a co-operative bank does not qualify for the deduction available for interest or dividends from investments with another co-operative society. A co-operative bank's regulated banking activity places it outside that beneficial deduction framework, except for a primary agricultural credit society. The deposit interest is therefore taxable. Expenditure directly connected with earning that taxable interest remains allowable, subject to verification of corresponding administrative or other expenses in accordance with law. en-us Mon, 21 Apr 2025 00:00:00 +0530 Tue, 13 Oct 2026 04:47:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472429 Interest earned by a consumer co-operative society on deposits with a co-operative bank does not qualify for the deduction available for interest or dividends from investments with another co-operative society. A co-operative bank's regulated banking activity places it outside that beneficial deduction framework, except for a primary agricultural credit society. The deposit interest is therefore taxable. Expenditure directly connected with earning that taxable interest remains allowable, subject to verification of corresponding administrative or other expenses in accordance with law. Case-Laws Income Tax Mon, 21 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472429