https://www.taxtmi.com/caselaws?id=272031 A co-operative credit society's entitlement to deduction under section 80P turned on whether it should be treated as a co-operative bank or primary credit society. The Tribunal applied the binding jurisdictional High Court ruling that, for the relevant period, the connected enactments made no substantive distinction between a co-operative society engaged in banking activity and a co-operative bank, and that the Revenue's relied-upon amendment operated prospectively. On that basis, the society could not be denied the deduction for the assessment years in question, and the disallowance under section 80P was set aside. en-us Wed, 20 Jan 2016 00:00:00 +0530 Thu, 25 Feb 2016 08:51:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272031 A co-operative credit society's entitlement to deduction under section 80P turned on whether it should be treated as a co-operative bank or primary credit society. The Tribunal applied the binding jurisdictional High Court ruling that, for the relevant period, the connected enactments made no substantive distinction between a co-operative society engaged in banking activity and a co-operative bank, and that the Revenue's relied-upon amendment operated prospectively. On that basis, the society could not be denied the deduction for the assessment years in question, and the disallowance under section 80P was set aside. Case-Laws Income Tax Wed, 20 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272031