https://www.taxtmi.com/caselaws?id=209304 The High Court of Punjab and Haryana upheld the Tribunal's decision in an appeal under the Income-tax Act, 1961. The appellant, a cooperative society, was denied deductions under sections 80P(2)(a)(i) and 80P(2)(d) of the Act for interest received from members and income from investments as working capital advances. The Court ruled that the appellant's credit facility to members was ancillary to its main objective, not constituting a separate banking service for section 80P(2)(a)(i) benefits. Additionally, the Court affirmed the deduction under section 80P(2)(d) for interest on advances, subject to net income deductions. The appeal was dismissed, finding no fault with the Tribunal's decision. en-us Mon, 28 Mar 2011 00:00:00 +0530 Wed, 24 Jul 2013 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209304 The High Court of Punjab and Haryana upheld the Tribunal's decision in an appeal under the Income-tax Act, 1961. The appellant, a cooperative society, was denied deductions under sections 80P(2)(a)(i) and 80P(2)(d) of the Act for interest received from members and income from investments as working capital advances. The Court ruled that the appellant's credit facility to members was ancillary to its main objective, not constituting a separate banking service for section 80P(2)(a)(i) benefits. Additionally, the Court affirmed the deduction under section 80P(2)(d) for interest on advances, subject to net income deductions. The appeal was dismissed, finding no fault with the Tribunal's decision. Case-Laws Income Tax Mon, 28 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209304