https://www.taxtmi.com/caselaws?id=189173 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision, ruling that the assessee, a cooperative society providing credit facilities to its members, is eligible for deduction under sec. 80P(2)(a)(i) of the Income Tax Act, 1961. The Tribunal determined that the assessee did not qualify as a cooperative bank as per sec. 80P(4) and Banking Regulation Act, 1949 definitions. As the assessee lacked a banking license from the RBI and did not engage in banking business, the appeal of the Revenue was dismissed, affirming the Commissioner's order. en-us Mon, 05 Oct 2015 00:00:00 +0530 Fri, 30 Dec 2016 12:33:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189173 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision, ruling that the assessee, a cooperative society providing credit facilities to its members, is eligible for deduction under sec. 80P(2)(a)(i) of the Income Tax Act, 1961. The Tribunal determined that the assessee did not qualify as a cooperative bank as per sec. 80P(4) and Banking Regulation Act, 1949 definitions. As the assessee lacked a banking license from the RBI and did not engage in banking business, the appeal of the Revenue was dismissed, affirming the Commissioner's order. Case-Laws Income Tax Mon, 05 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189173