https://www.taxtmi.com/caselaws?id=373973 The Court ruled in favor of the Revenue, upholding the Tribunal's decision to deny the Co-operative Society's claim for a deduction under Section 80P of the Income Tax Act. The Court emphasized that the deduction is limited to income directly related to specific business activities of the society, such as providing credit facilities to its members. Income from personal credit facilities extended to an employee and a member did not align with the activities specified under Section 80P(1), leading to the dismissal of the appeal without costs. en-us Tue, 18 Dec 2018 00:00:00 +0530 Mon, 27 Jul 2020 17:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373973 The Court ruled in favor of the Revenue, upholding the Tribunal's decision to deny the Co-operative Society's claim for a deduction under Section 80P of the Income Tax Act. The Court emphasized that the deduction is limited to income directly related to specific business activities of the society, such as providing credit facilities to its members. Income from personal credit facilities extended to an employee and a member did not align with the activities specified under Section 80P(1), leading to the dismissal of the appeal without costs. Case-Laws Income Tax Tue, 18 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373973