https://www.taxtmi.com/caselaws?id=58043 Interest earned by a co-operative bank on investments and deposits made as part of its statutory banking operations retains its character as business income eligible for deduction under section 80P(2)(a)(i). The investment of surplus funds in accordance with co-operative society law does not convert such income into non-business income when it forms part of ordinary banking activity. Interest received from other co-operative banks is separately treated as deductible under section 80P(2)(d). On this basis, the interest income was held deductible and the disallowance was unsustainable. en-us Thu, 28 Apr 1994 00:00:00 +0530 Fri, 17 Dec 2010 10:44:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58043 Interest earned by a co-operative bank on investments and deposits made as part of its statutory banking operations retains its character as business income eligible for deduction under section 80P(2)(a)(i). The investment of surplus funds in accordance with co-operative society law does not convert such income into non-business income when it forms part of ordinary banking activity. Interest received from other co-operative banks is separately treated as deductible under section 80P(2)(d). On this basis, the interest income was held deductible and the disallowance was unsustainable. Case-Laws Income Tax Thu, 28 Apr 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58043