Interest earned by co-operative credit society on surplus funds invested in ...

Interest earned by co-operative credit society on surplus funds invested in short-term deposits with banks and in govt. securities not eligible for deduction u/s. section 80P

 

The words "the whole of the amount of profits and gains of business" in section 80P(2)(a) emphasise that the income in respect of which deduction is sought must constitute the operational income and not the other income which accrues to the Society. CASE LAW DETAILS Decided by:, SUPREME COURT OF INDIA, In The case of: The Totgars' Cooperative Sale Society Ltd. v. Income tax officer, Appeal No.