https://www.taxtmi.com/caselaws?id=271447 A co-operative society was held ineligible for deduction under section 80P because its lending and deposit activities showed banking operations in substance, not a limited credit facility confined to agricultural credit. The Tribunal noted that substantial loans were advanced for non-agricultural purposes, including gold, housing, ordinary and trade loans, and that interest was earned from deposits with co-operative banks and societies. Applying earlier Cochin Bench precedents, it treated societies functioning as co-operative banks as falling within section 80P(4). The interest income was therefore not eligible for deduction, and the Revenue's disallowance was sustained. en-us Tue, 03 Nov 2015 00:00:00 +0530 Fri, 05 Feb 2016 06:14:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271447 A co-operative society was held ineligible for deduction under section 80P because its lending and deposit activities showed banking operations in substance, not a limited credit facility confined to agricultural credit. The Tribunal noted that substantial loans were advanced for non-agricultural purposes, including gold, housing, ordinary and trade loans, and that interest was earned from deposits with co-operative banks and societies. Applying earlier Cochin Bench precedents, it treated societies functioning as co-operative banks as falling within section 80P(4). The interest income was therefore not eligible for deduction, and the Revenue's disallowance was sustained. Case-Laws Income Tax Tue, 03 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271447