https://www.taxtmi.com/caselaws?id=362633 Deduction under section 80P(2)(a)(i) depended on the assessee's true statutory character and the actual nature of its activities, not merely on labels used by the parties or the assessments. The Tribunal noted that absence of an RBI licence was relevant, but the operation still had to be examined against the Maharashtra State Co-operative Act, 1960 and the Maharashtra State Co-operative Regulations, 1961 to determine whether section 80P(4) applied. The matter was remanded for fresh verification of the assessee's status and activities, so the tax treatment would turn on that factual and legal examination. en-us Wed, 27 Jun 2018 00:00:00 +0530 Fri, 29 Jun 2018 07:17:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362633 Deduction under section 80P(2)(a)(i) depended on the assessee's true statutory character and the actual nature of its activities, not merely on labels used by the parties or the assessments. The Tribunal noted that absence of an RBI licence was relevant, but the operation still had to be examined against the Maharashtra State Co-operative Act, 1960 and the Maharashtra State Co-operative Regulations, 1961 to determine whether section 80P(4) applied. The matter was remanded for fresh verification of the assessee's status and activities, so the tax treatment would turn on that factual and legal examination. Case-Laws Income Tax Wed, 27 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362633