https://www.taxtmi.com/caselaws?id=330944 The High Court of Calcutta upheld the decision of the Income Tax Appellate Tribunal, ruling in favor of a cooperative bank's eligibility for exemption under Section 80P(2)(a)(i) of the Income Tax Act. The court emphasized that the exemption is not solely based on the principle of mutuality and that income from banking activities with non-members is also entitled to special deduction under this section. The court clarified that cooperative banks need not restrict their activities to members only to claim the exemption, affirming that various income sources are eligible for deduction under Section 80P. en-us Mon, 18 Jul 2016 00:00:00 +0530 Tue, 09 Aug 2016 12:55:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330944 The High Court of Calcutta upheld the decision of the Income Tax Appellate Tribunal, ruling in favor of a cooperative bank's eligibility for exemption under Section 80P(2)(a)(i) of the Income Tax Act. The court emphasized that the exemption is not solely based on the principle of mutuality and that income from banking activities with non-members is also entitled to special deduction under this section. The court clarified that cooperative banks need not restrict their activities to members only to claim the exemption, affirming that various income sources are eligible for deduction under Section 80P. Case-Laws Income Tax Mon, 18 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330944