Thursday 27 November 2014

Interest earned by Co-operative society on surplus funds deposited in FD wasn't eligible for sec. 80

IT : Where assessee, a co-operative society, engaged in providing credit facilities to its members, deposited surplus funds in fixed deposits and earned interest thereon, said interest would be assessable as 'income from other sources' and, thus, not eligible for deduction under section 80P(2)(a)(i)


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