Thursday 28 May 2015

Interest earned by co-operative society on idle funds kept with bank wasn't eligible for sec. 80P re

IT : Where assessee, a co-operative society, having accepted deposits from its members, kept idle funds with bank, since there was no nexus between interest earned on said deposits and business of assessee providing credit facilities to its members, it could not claim deduction under section 80P(2)(d) in respect of interest income in question

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