https://www.taxtmi.com/caselaws?id=377908 The Appellate Tribunal ITAT Mumbai, in a judgment dated 27.03.2019, upheld the decision in favor of the assessee regarding the allowance of deduction under section 80P of the IT Act, 1961. The Tribunal ruled that the assessee, operating through a co-operative credit society, was not engaged in banking business for the public at large, making them eligible for the deduction. The Tribunal dismissed the Revenue's appeal, emphasizing the distinction between a cooperative bank and a cooperative society and highlighting that the assessee did not hold a banking license as required by law. en-us Wed, 27 Mar 2019 00:00:00 +0530 Thu, 04 Apr 2019 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377908 The Appellate Tribunal ITAT Mumbai, in a judgment dated 27.03.2019, upheld the decision in favor of the assessee regarding the allowance of deduction under section 80P of the IT Act, 1961. The Tribunal ruled that the assessee, operating through a co-operative credit society, was not engaged in banking business for the public at large, making them eligible for the deduction. The Tribunal dismissed the Revenue's appeal, emphasizing the distinction between a cooperative bank and a cooperative society and highlighting that the assessee did not hold a banking license as required by law. Case-Laws Income Tax Wed, 27 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377908