Held that Bank not being a co-operative society interest income could not be said to attributable to activities of co-operative society is not eligible for deduction. Interest income reduced by administrative expenses and other proportionate expenses to earn said income had to be brought to tax as income from other sources.(AY. 2015-16)
Krishnarajapet Taluk Agri Pro Co-op Marketing Society Ltd. v. PCIT (2022) 194 ITD 311 (Bang.)(Trib.)
S. 80P : Co-operative societies-Interest-Bank-Bank not being a co-operative society interest income could not be said to attributable to activities of co-operative society-Not eligible for deduction-Interest income reduced by administrative expenses and other proportionate expenses to earn said income had to be brought to tax as income from other sources. [S. 56, 57, 80P(2)(d)]