https://www.taxtmi.com/caselaws?id=343960 A co-operative credit society remained eligible for deduction under section 80P(2)(a)(i) because it was registered as a co-operative society, its activities were confined to members, and it did not satisfy the cumulative test for being treated as a co-operative bank under section 80P(4). Merely providing credit facilities to members or accepting member deposits was not enough to attract the exclusion. Interest earned on fixed deposits from temporary surplus funds was also treated as deductible under section 80P, as it was linked to the society's credit business rather than independent income outside the provision. The Revenue's objection to section 80P relief therefore failed. en-us Wed, 24 May 2017 00:00:00 +0530 Tue, 06 Jun 2017 07:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343960 A co-operative credit society remained eligible for deduction under section 80P(2)(a)(i) because it was registered as a co-operative society, its activities were confined to members, and it did not satisfy the cumulative test for being treated as a co-operative bank under section 80P(4). Merely providing credit facilities to members or accepting member deposits was not enough to attract the exclusion. Interest earned on fixed deposits from temporary surplus funds was also treated as deductible under section 80P, as it was linked to the society's credit business rather than independent income outside the provision. The Revenue's objection to section 80P relief therefore failed. Case-Laws Income Tax Wed, 24 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343960