https://www.taxtmi.com/caselaws?id=258625 The High Court of Karnataka ruled in favor of the cooperative society, holding that Section 80P(4) of the Income Tax Act does not apply to cooperative societies providing credit facilities to members. The Court clarified that the provision was intended to exclude benefits for cooperative banks exclusively engaged in banking activities, not societies offering credit services. The judgment reaffirmed that cooperative societies, like the assessee, are eligible for deductions under Section 80P(2)(a)(i) if they provide credit facilities and are not solely conducting banking business. The appeal by the revenue was dismissed, with the Court deciding in favor of the assessee. en-us Fri, 20 Mar 2015 00:00:00 +0530 Wed, 24 Jun 2015 16:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258625 The High Court of Karnataka ruled in favor of the cooperative society, holding that Section 80P(4) of the Income Tax Act does not apply to cooperative societies providing credit facilities to members. The Court clarified that the provision was intended to exclude benefits for cooperative banks exclusively engaged in banking activities, not societies offering credit services. The judgment reaffirmed that cooperative societies, like the assessee, are eligible for deductions under Section 80P(2)(a)(i) if they provide credit facilities and are not solely conducting banking business. The appeal by the revenue was dismissed, with the Court deciding in favor of the assessee. Case-Laws Income Tax Fri, 20 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258625