https://www.taxtmi.com/caselaws?id=122834 A primary agricultural co-operative credit society was held not to be a co-operative bank for section 80P(2)(a)(i), so it could not claim that banking deduction on that basis. Interest earned from investments with other co-operative societies remained deductible under section 80P(2)(d), because that clause applies to interest or dividend income from such investments without requiring co-operative bank status or a particular source of funds. The Tribunal also held that only income attributable to non-member dealings falls outside section 80P, not the entire income of an assessee with mixed member and non-member activity. The direction to reopen earlier years' assessments was found to be without jurisdiction. en-us Tue, 31 Mar 2009 00:00:00 +0530 Sat, 18 Aug 2012 12:21:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122834 A primary agricultural co-operative credit society was held not to be a co-operative bank for section 80P(2)(a)(i), so it could not claim that banking deduction on that basis. Interest earned from investments with other co-operative societies remained deductible under section 80P(2)(d), because that clause applies to interest or dividend income from such investments without requiring co-operative bank status or a particular source of funds. The Tribunal also held that only income attributable to non-member dealings falls outside section 80P, not the entire income of an assessee with mixed member and non-member activity. The direction to reopen earlier years' assessments was found to be without jurisdiction. Case-Laws Income Tax Tue, 31 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122834