https://www.taxtmi.com/caselaws?id=255675 The High Court of Karnataka affirmed the Tribunal's decision that Section 80P(4) of the Income Tax Act, 1961 applies only to cooperative banks and not credit cooperative societies. The court clarified that the provision is applicable from the assessment year 2007-08. Cooperative banks exclusively engaged in banking activities are not eligible for deduction under Section 80P(1), while cooperative societies providing credit facilities to members fall under Section 80P(2)(a)(i). The judgment emphasizes the distinction between cooperative banks and societies based on their nature of operations. The appeal was dismissed in favor of the assessee. en-us Fri, 27 Jun 2014 00:00:00 +0530 Fri, 23 Jan 2015 06:32:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255675 The High Court of Karnataka affirmed the Tribunal's decision that Section 80P(4) of the Income Tax Act, 1961 applies only to cooperative banks and not credit cooperative societies. The court clarified that the provision is applicable from the assessment year 2007-08. Cooperative banks exclusively engaged in banking activities are not eligible for deduction under Section 80P(1), while cooperative societies providing credit facilities to members fall under Section 80P(2)(a)(i). The judgment emphasizes the distinction between cooperative banks and societies based on their nature of operations. The appeal was dismissed in favor of the assessee. Case-Laws Income Tax Fri, 27 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255675