Held that money temporarily parked with bank to maintain the overdraft limit available to the assessee The interest earned partook of the character of business income attributable to carrying on the business of banking and was eligible for deduction under section 80P. (AY. 2013-14)
Thota Uthpannagala Marata Sahakara Sangha Niyamitha v. Dy. CIT (2021) 86 ITR 134 (Bang.)(Trib.)
S. 80P : Co-operative societies-Providing banking facilities to members-Interest earned from short-term deposit-Deduction allowable. [S. 80P(2)(a)]