https://www.taxtmi.com/caselaws?id=279855 A co-operative credit society's income from loans advanced through Class B or associate members remained eligible for deduction under section 80P(2)(a)(i), because associate membership recognised under the governing co-operative law was not defeated merely by the absence of voting rights or management participation. Section 80P(4) also did not apply, as the society was found not to be a co-operative bank within the meaning of the Income-tax Act and Banking Regulation Act; it functioned as a member-based credit society, not a bank accepting public deposits as its principal business. The Revenue's objection to the deduction was therefore rejected and the assessee's entitlement was affirmed. en-us Wed, 10 Aug 2016 00:00:00 +0530 Tue, 09 Apr 2019 05:48:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279855 A co-operative credit society's income from loans advanced through Class B or associate members remained eligible for deduction under section 80P(2)(a)(i), because associate membership recognised under the governing co-operative law was not defeated merely by the absence of voting rights or management participation. Section 80P(4) also did not apply, as the society was found not to be a co-operative bank within the meaning of the Income-tax Act and Banking Regulation Act; it functioned as a member-based credit society, not a bank accepting public deposits as its principal business. The Revenue's objection to the deduction was therefore rejected and the assessee's entitlement was affirmed. Case-Laws Income Tax Wed, 10 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279855