https://www.taxtmi.com/caselaws?id=66375 Section 80P(2)(a)(i) grants deduction to a co-operative society engaged in carrying on the business of banking or providing credit facilities to its members, and the two expressions describe distinct qualifying activities. The provision cannot be read conjunctively by treating "or" as "and", because banking business is wider than credit facilities to members alone. On that construction, income attributable to banking activity is not disqualified merely because it arises from transactions with non-members, and the deduction remains available where the statutory conditions are otherwise met. en-us Tue, 31 Jan 2006 00:00:00 +0530 Wed, 23 Feb 2011 19:04:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66375 Section 80P(2)(a)(i) grants deduction to a co-operative society engaged in carrying on the business of banking or providing credit facilities to its members, and the two expressions describe distinct qualifying activities. The provision cannot be read conjunctively by treating "or" as "and", because banking business is wider than credit facilities to members alone. On that construction, income attributable to banking activity is not disqualified merely because it arises from transactions with non-members, and the deduction remains available where the statutory conditions are otherwise met. Case-Laws Income Tax Tue, 31 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66375