https://www.taxtmi.com/caselaws?id=176836 The High Court clarified the interpretation of Section 80P of the Income Tax Act, distinguishing between cooperative banks and credit cooperative societies. It ruled in favor of the cooperative society, affirming its entitlement to deductions under Section 80P(2)(a)(i) based on its lending activities to members. The Court dismissed the revenue's appeal, emphasizing the legislative intent to differentiate based on operational functions and licensing status, ensuring that societies offering credit facilities are eligible for tax benefits under the Income Tax Act. en-us Fri, 27 Jun 2014 00:00:00 +0530 Wed, 30 Dec 2015 09:54:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176836 The High Court clarified the interpretation of Section 80P of the Income Tax Act, distinguishing between cooperative banks and credit cooperative societies. It ruled in favor of the cooperative society, affirming its entitlement to deductions under Section 80P(2)(a)(i) based on its lending activities to members. The Court dismissed the revenue's appeal, emphasizing the legislative intent to differentiate based on operational functions and licensing status, ensuring that societies offering credit facilities are eligible for tax benefits under the Income Tax Act. Case-Laws Income Tax Fri, 27 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176836