https://www.taxtmi.com/caselaws?id=332648 The Court clarified that Section 80P(4) of the Income Tax Act applies only to Co-operative Banks, not credit Co-operative Societies. Entities providing credit facilities to members can avail of deduction benefits under Section 80P(2)(a)(i) regardless of being classified as Co-operative Banks or Societies exclusively engaged in banking. The Court dismissed the Revenue's appeal, emphasizing that the legislative intent was to extend benefits under Section 80P(1) to societies providing credit facilities to members. The judgment highlighted the distinction between Co-operative Banks and Societies for the application of Section 80P(2)(a)(i). en-us Thu, 16 Jun 2016 00:00:00 +0530 Thu, 22 Sep 2016 13:04:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332648 The Court clarified that Section 80P(4) of the Income Tax Act applies only to Co-operative Banks, not credit Co-operative Societies. Entities providing credit facilities to members can avail of deduction benefits under Section 80P(2)(a)(i) regardless of being classified as Co-operative Banks or Societies exclusively engaged in banking. The Court dismissed the Revenue's appeal, emphasizing that the legislative intent was to extend benefits under Section 80P(1) to societies providing credit facilities to members. The judgment highlighted the distinction between Co-operative Banks and Societies for the application of Section 80P(2)(a)(i). Case-Laws Income Tax Thu, 16 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332648