Cooperative Society's interest income from bank deposits and securities is taxable u/s 56, not deductible u/s 80P.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Deduction under Section 80P(2)(a)(i) - interest on bank deposits or Government securities derived by a Cooperative Society could not be attributed to the activities of the Society of providing various facilities to its members and was taxable under Section 56 being income from other sources... - HC....