https://www.taxtmi.com/caselaws?id=281208 The High Court of Karnataka dismissed the Revenue's appeal, affirming that a society providing credit facilities to its members is entitled to a deduction under Section 80P(2)(a)(i) of the Income Tax Act. The Court clarified that entities not exclusively engaged in banking business like cooperative banks but involved in lending money to members fall within the scope of the deduction. This decision aligns with the interpretation established in a previous case and upholds the legislative intent to differentiate between cooperative banks and societies providing credit facilities for members. en-us Mon, 22 Sep 2014 00:00:00 +0530 Sat, 08 Jun 2019 07:23:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281208 The High Court of Karnataka dismissed the Revenue's appeal, affirming that a society providing credit facilities to its members is entitled to a deduction under Section 80P(2)(a)(i) of the Income Tax Act. The Court clarified that entities not exclusively engaged in banking business like cooperative banks but involved in lending money to members fall within the scope of the deduction. This decision aligns with the interpretation established in a previous case and upholds the legislative intent to differentiate between cooperative banks and societies providing credit facilities for members. Case-Laws Income Tax Mon, 22 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281208