https://www.taxtmi.com/caselaws?id=801076 Interest earned by a primary agricultural credit co-operative society on its own funds temporarily or statutorily invested with banks is attributable to its credit-facility business and qualifies for deduction under section 80P(2)(a)(i), provided the funds are not liabilities payable to members. The wider expression "attributable to" covers income having a business nexus, unlike the narrower "derived from" standard. Provisions for interest payable and audit fees are allowable business expenditure where they represent accrued, quantified liabilities connected with the business rather than contingent obligations. Taxable income requires recomputation after granting the eligible deduction and allowing those accrued liabilities. en-us Tue, 29 Sep 2026 00:00:00 +0530 Thu, 15 Oct 2026 05:44:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=801076 Interest earned by a primary agricultural credit co-operative society on its own funds temporarily or statutorily invested with banks is attributable to its credit-facility business and qualifies for deduction under section 80P(2)(a)(i), provided the funds are not liabilities payable to members. The wider expression "attributable to" covers income having a business nexus, unlike the narrower "derived from" standard. Provisions for interest payable and audit fees are allowable business expenditure where they represent accrued, quantified liabilities connected with the business rather than contingent obligations. Taxable income requires recomputation after granting the eligible deduction and allowing those accrued liabilities. Case-Laws Income Tax Tue, 29 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=801076