Held that the interest earned on money deposited in the nationalised bank should be taxed as Income from other sources. Thus the interest income earned on the investment of surplus money with banks was eligible for exemption under section 80P(2)(a)(i) of the Act. The interest earned on securities held with the Reserve Bank of India was exempt under the provisions of section 80P(2)(a)(i) of the Act. That the disallowances, if any, made would increase the business profits of the co-operative society. The enhanced business profits on account of disallowances made by the Assessing Officer would qualify for exemption under section 80P(2)(a)(i) of the Act. That under the provisions of the Maharashtra Co-operative Societies Act, 1960, the term members included nominal members and extraordinary members and in the circumstances, the Commissioner (Appeals) was not justified in denying the exemption under section 80P(2)(a)(i) of the Act.(AY.2013-14)