https://www.taxtmi.com/caselaws?id=242260 The ITAT Ahmedabad held that a cooperative credit society engaged in providing credit facilities to its members is entitled to deduction under section 80P(2)(a)(i) of the Income Tax Act. Section 80P(4) excludes cooperative banks from this deduction but exempts those primarily functioning as agricultural credit societies. The assessee qualified for this deduction as clarified by CBDT Circular No. 133/06/2007-TPL. Additionally, interest income from short-term bank deposits and securities was held to be business income under section 80P(2)(a)(i), following the Gujarat HC decision in CIT v. Manekbaug Co-op Housing Society Ltd. The appeal was decided in favor of the assessee, against the Revenue. en-us Wed, 31 Oct 2012 00:00:00 +0530 Wed, 13 Aug 2025 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242260 The ITAT Ahmedabad held that a cooperative credit society engaged in providing credit facilities to its members is entitled to deduction under section 80P(2)(a)(i) of the Income Tax Act. Section 80P(4) excludes cooperative banks from this deduction but exempts those primarily functioning as agricultural credit societies. The assessee qualified for this deduction as clarified by CBDT Circular No. 133/06/2007-TPL. Additionally, interest income from short-term bank deposits and securities was held to be business income under section 80P(2)(a)(i), following the Gujarat HC decision in CIT v. Manekbaug Co-op Housing Society Ltd. The appeal was decided in favor of the assessee, against the Revenue. Case-Laws Income Tax Wed, 31 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242260