https://www.taxtmi.com/caselaws?id=270781 The Tribunal dismissed the Revenue's appeal, upholding the First Appellate Authority's decision to allow the assessee's claim for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961. It was held that Section 80P(4) did not apply to credit co-operative societies, and the assessee's activities did not amount to banking business under the Banking Regulation Act, 1949. The Tribunal's decision was supported by judicial precedents and the Central Board of Direct Taxes Circular No. 133 of 2007. en-us Tue, 27 Oct 2015 00:00:00 +0530 Fri, 15 Jan 2016 11:29:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270781 The Tribunal dismissed the Revenue's appeal, upholding the First Appellate Authority's decision to allow the assessee's claim for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961. It was held that Section 80P(4) did not apply to credit co-operative societies, and the assessee's activities did not amount to banking business under the Banking Regulation Act, 1949. The Tribunal's decision was supported by judicial precedents and the Central Board of Direct Taxes Circular No. 133 of 2007. Case-Laws Income Tax Tue, 27 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270781