https://www.taxtmi.com/caselaws?id=259877 A co-operative credit society remained eligible in principle for deduction under section 80P(2)(a)(i) and section 80P(2)(d) because acceptance of deposits from nominal or associate members did not alter its character or by itself disqualify it; the decisive test was whether it provided credit facilities to members, and section 80P(4) did not apply because it excludes co-operative banks, not co-operative credit societies. However, the deduction had to be recomputed because income attributable to transactions with nominal or associate members had not been properly excluded. The matter was therefore remanded for fresh verification and computation of the admissible deduction. en-us Wed, 04 Mar 2015 00:00:00 +0530 Thu, 20 Aug 2015 15:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259877 A co-operative credit society remained eligible in principle for deduction under section 80P(2)(a)(i) and section 80P(2)(d) because acceptance of deposits from nominal or associate members did not alter its character or by itself disqualify it; the decisive test was whether it provided credit facilities to members, and section 80P(4) did not apply because it excludes co-operative banks, not co-operative credit societies. However, the deduction had to be recomputed because income attributable to transactions with nominal or associate members had not been properly excluded. The matter was therefore remanded for fresh verification and computation of the admissible deduction. Case-Laws Income Tax Wed, 04 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259877