https://www.taxtmi.com/caselaws?id=177508 The Court upheld the Tribunal's decision to grant the deduction under section 80P(2) to the respondent cooperative credit society. It clarified that the exclusion clause of section 80P(4) did not apply as the respondent was not a cooperative bank but a credit cooperative society, thereby affirming the eligibility for the deduction. The Court emphasized that deductions under section 80P are granted to specific cooperative societies engaged in banking or providing credit facilities to members, as outlined in subsection (2) of the Income Tax Act. en-us Fri, 17 Jan 2014 00:00:00 +0530 Mon, 11 Jan 2016 17:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177508 The Court upheld the Tribunal's decision to grant the deduction under section 80P(2) to the respondent cooperative credit society. It clarified that the exclusion clause of section 80P(4) did not apply as the respondent was not a cooperative bank but a credit cooperative society, thereby affirming the eligibility for the deduction. The Court emphasized that deductions under section 80P are granted to specific cooperative societies engaged in banking or providing credit facilities to members, as outlined in subsection (2) of the Income Tax Act. Case-Laws Income Tax Fri, 17 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177508