https://www.taxtmi.com/caselaws?id=372951 For Section 80P purposes, an associate member is treated as a member where the governing cooperative statute so provides, and a distinction between class members and associate members cannot by itself defeat deduction. A primary agricultural cooperative credit society is not hit by Section 80P(4), which excludes cooperative banks, so the deduction remains available when the society carries on credit activity within its statutory area for agricultural and rural purposes. Citizen Cooperative Society Ltd. does not bar deduction unless there is material showing acceptance of outsiders' deposits or finance business outside the cooperative regime; on the stated facts, that basis was absent and the Tribunal's view was sustained. en-us Thu, 06 Dec 2018 00:00:00 +0530 Fri, 18 Sep 2020 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372951 For Section 80P purposes, an associate member is treated as a member where the governing cooperative statute so provides, and a distinction between class members and associate members cannot by itself defeat deduction. A primary agricultural cooperative credit society is not hit by Section 80P(4), which excludes cooperative banks, so the deduction remains available when the society carries on credit activity within its statutory area for agricultural and rural purposes. Citizen Cooperative Society Ltd. does not bar deduction unless there is material showing acceptance of outsiders' deposits or finance business outside the cooperative regime; on the stated facts, that basis was absent and the Tribunal's view was sustained. Case-Laws Income Tax Thu, 06 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372951