Section 80P: Interest on Surplus Fund invested in Short Term Deposits is Other Income

ITO Vs The New India Assurance Co. Ltd. Employees’ Co-op. Credit Society Ltd. (ITAT Kolkata) Apex Court in the case of M/s. Totagars Co-operative Sale Society Ltd., on which reliance is placed, the Supreme Court was dealing a case where the assessee-Co-operative Society, apart from providing credit facilities to the members, was also in the business of marketing of agricultural produce grown by its members. The sale consideration received from marketing agricultural produce of its members was retained in many cases. The said retained amount which was payable to its members from whom prod...