https://www.taxtmi.com/caselaws?id=346600 The Tribunal dismissed the Revenue's appeal and allowed the assessee's appeal concerning the interpretation of Sec. 80P(2)(a)(i) and Sec. 80P(2)(d) of the Income Tax Act, 1961. It held that the assessee, a cooperative credit society, was eligible for exemption under Sec. 80P(2)(a)(i) as it provided credit facilities, not banking services. Additionally, the Tribunal allowed the exemption claim for interest income under Sec. 80P(2)(d) based on the mutuality principle, distinguishing it from income earned from a third-party bank. en-us Mon, 31 Jul 2017 00:00:00 +0530 Fri, 18 Aug 2017 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346600 The Tribunal dismissed the Revenue's appeal and allowed the assessee's appeal concerning the interpretation of Sec. 80P(2)(a)(i) and Sec. 80P(2)(d) of the Income Tax Act, 1961. It held that the assessee, a cooperative credit society, was eligible for exemption under Sec. 80P(2)(a)(i) as it provided credit facilities, not banking services. Additionally, the Tribunal allowed the exemption claim for interest income under Sec. 80P(2)(d) based on the mutuality principle, distinguishing it from income earned from a third-party bank. Case-Laws Income Tax Mon, 31 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346600