https://www.taxtmi.com/caselaws?id=327710 The Division Bench of the Court affirmed that the appellant, not meeting the criteria for a primary cooperative bank, was not entitled to the deduction under Section 80P(2)(a)(i) of the Income Tax Act. The Court emphasized the necessity for the appellant's principal business to be banking and highlighted discrepancies in membership criteria and transactions with non-members. The judgment clarified that income from dealings with non-members did not qualify for the deduction and rejected the appeal, finding no substantial question of law and no perversity in the conclusions reached by the Tribunal. en-us Tue, 08 Mar 2016 00:00:00 +0530 Tue, 17 May 2016 22:57:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327710 The Division Bench of the Court affirmed that the appellant, not meeting the criteria for a primary cooperative bank, was not entitled to the deduction under Section 80P(2)(a)(i) of the Income Tax Act. The Court emphasized the necessity for the appellant's principal business to be banking and highlighted discrepancies in membership criteria and transactions with non-members. The judgment clarified that income from dealings with non-members did not qualify for the deduction and rejected the appeal, finding no substantial question of law and no perversity in the conclusions reached by the Tribunal. Case-Laws Income Tax Tue, 08 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327710