Supreme Court of India
M/s. the Totgars Cooperative Sale Society Limited v. Income Tax Officer, Karnataka
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What the Court ordered
We are of the view that the Assessing Officer was right in taxing· the interest income, indicated above, under Section 56 of the Act.
Judgment, page 13
From the headnote
Income Tax Act, 1961: ss. 80P(2)(a)(i) and (iii) rlw ss.56.and 2(24)(i) - Deduction in respect of income oi co-operative societies - 'Profit and gains from business' - Co-operative Society providing credit facilities to its members and marketing their agricultural 0 produce - Surplus funds invested by Society in short term deposits - Interest earned thereon - HELD: Does not fall within the meaning of expression 'profit and gains from business' - Such interest income .cannot be said to be . attributable to the activities of the Society - The words 'the whole of the amount of profits and gains
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