https://www.taxtmi.com/caselaws?id=340534 A co-operative credit society confined to lending only to its members was treated as distinct from a co-operative bank, so the exclusion in section 80P(4) did not apply and deduction under section 80P remained available. Interest earned on fixed deposits from reserve or surplus funds was examined by its source and character; although such income can fall outside credit activity, the claim was accepted on the facts, and the disallowance was not sustained. The Tribunal therefore upheld the deduction claim and rejected the Revenue's challenge. en-us Wed, 15 Mar 2017 00:00:00 +0530 Thu, 23 Mar 2017 09:09:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340534 A co-operative credit society confined to lending only to its members was treated as distinct from a co-operative bank, so the exclusion in section 80P(4) did not apply and deduction under section 80P remained available. Interest earned on fixed deposits from reserve or surplus funds was examined by its source and character; although such income can fall outside credit activity, the claim was accepted on the facts, and the disallowance was not sustained. The Tribunal therefore upheld the deduction claim and rejected the Revenue's challenge. Case-Laws Income Tax Wed, 15 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340534