https://www.taxtmi.com/caselaws?id=247886 A primary agricultural co-operative credit society was held entitled to the deduction for income from credit facilities extended to Class-B or associate members, because the governing Tamil Nadu Co-operative Societies Act treated associate members as members. The denial based solely on the distinction between Class-A and Class-B, or voting and non-voting status, was rejected as inconsistent with the deduction provision. The exclusion for co-operative banks did not apply on the facts, and the restriction could not be read to deny deduction where borrowers fell within the statutory concept of members. The disallowance was therefore unsustainable. en-us Tue, 06 May 2014 00:00:00 +0530 Mon, 19 May 2014 18:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247886 A primary agricultural co-operative credit society was held entitled to the deduction for income from credit facilities extended to Class-B or associate members, because the governing Tamil Nadu Co-operative Societies Act treated associate members as members. The denial based solely on the distinction between Class-A and Class-B, or voting and non-voting status, was rejected as inconsistent with the deduction provision. The exclusion for co-operative banks did not apply on the facts, and the restriction could not be read to deny deduction where borrowers fell within the statutory concept of members. The disallowance was therefore unsustainable. Case-Laws Income Tax Tue, 06 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247886