https://www.taxtmi.com/caselaws?id=71508 The Tribunal dismissed the appeals, ruling that the assessee, a co-operative society providing credit facilities to members against hypothecation of goods, was not entitled to the deduction under section 80P(2)(a)(i) of the Income-tax Act. The Tribunal found that the provision of credit facilities was not independent of the primary activity of processing grey cloth, emphasizing that it was temporary and incidental. They determined that the activity did not meet the criteria of being part of the business of banking required for the deduction, ultimately denying the assessee's claim. en-us Wed, 03 Jan 1996 00:00:00 +0530 Mon, 25 Apr 2011 13:21:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71508 The Tribunal dismissed the appeals, ruling that the assessee, a co-operative society providing credit facilities to members against hypothecation of goods, was not entitled to the deduction under section 80P(2)(a)(i) of the Income-tax Act. The Tribunal found that the provision of credit facilities was not independent of the primary activity of processing grey cloth, emphasizing that it was temporary and incidental. They determined that the activity did not meet the criteria of being part of the business of banking required for the deduction, ultimately denying the assessee's claim. Case-Laws Income Tax Wed, 03 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71508