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TMI Blog2011 (5) TMI 219X X X X Extracts X X X X X X X X Extracts X X X X ..... bers - The judgment of the Hon'ble Supreme Court in The Totgars Cooperative Sale Society Ltd. v. I.T.O. (2010 -TMI - 35322 - SUPREME COURT), holding that interest on bank deposits or Government securities derived by a Cooperative Society could not be attributed to the activities of the Society of providing various facilities to its members and was taxable under Section 56 being income from other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6/Chandi/2009, for the assessment year 2006-07, claiming following substantial question of law:- Whether on the facts and in the circumstances of the case and in law the order of the Hon'ble Tribunal is perverse in holding that interest income from commercial banks, being attributable to the business activity of the assessee, qualifies for deduction u/s 80P(2)(a)(i) of the Act, ignoring the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from commercial banks was not covered by Section 80P(2)(a)(i). It has nothing to do with the interest income on the loan advanced to the members. Reliance has been placed on the judgment of the Hon'ble Supreme Court in The Totgars Cooperative Sale Society Ltd. v. I.T.O., 2010 (35) DTR 25 holding that interest on bank deposits or Government securities derived by a Cooperative Society could not be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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