https://www.taxtmi.com/caselaws?id=346313 A co-operative credit society claiming deduction under section 80P may include income derived from qualifying members and deposits with other co-operative societies, but income attributable to nominal or associate members must be excluded if such persons are not regular members under the bye-laws. The analysis notes that section 80P(4) applies to co-operative banks, not to a co-operative credit society, and that mere acceptance of deposits from nominal or associate members does not by itself deny deduction. The computation, however, must properly segregate non-qualifying income before allowing the deduction. en-us Mon, 31 Jul 2017 00:00:00 +0530 Mon, 20 Nov 2017 16:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346313 A co-operative credit society claiming deduction under section 80P may include income derived from qualifying members and deposits with other co-operative societies, but income attributable to nominal or associate members must be excluded if such persons are not regular members under the bye-laws. The analysis notes that section 80P(4) applies to co-operative banks, not to a co-operative credit society, and that mere acceptance of deposits from nominal or associate members does not by itself deny deduction. The computation, however, must properly segregate non-qualifying income before allowing the deduction. Case-Laws Income Tax Mon, 31 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346313