https://www.taxtmi.com/caselaws?id=273940 A co-operative society providing credit to members is outside section 80P(4) unless it satisfies the statutory attributes of a primary co-operative bank under the Banking Regulation Act; on that basis, deduction under section 80P(2)(a)(i) remains available for income attributable to member credit facilities. The article also notes that, where the assessee is not a bank, the related disallowance under section 40(a)(ia) read with section 194A cannot be sustained on a bank-based premise. The Revenue's challenge therefore failed, and the deduction was retained while the TDS-based disallowance was deleted. en-us Thu, 21 Jul 2016 00:00:00 +0530 Sat, 21 Jul 2018 09:34:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273940 A co-operative society providing credit to members is outside section 80P(4) unless it satisfies the statutory attributes of a primary co-operative bank under the Banking Regulation Act; on that basis, deduction under section 80P(2)(a)(i) remains available for income attributable to member credit facilities. The article also notes that, where the assessee is not a bank, the related disallowance under section 40(a)(ia) read with section 194A cannot be sustained on a bank-based premise. The Revenue's challenge therefore failed, and the deduction was retained while the TDS-based disallowance was deleted. Case-Laws Income Tax Thu, 21 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273940