https://www.taxtmi.com/caselaws?id=283272 Deduction under section 80P(2)(a)(i) was found unavailable where a society operated with distinct classes of members and the test of mutuality failed. Loans were advanced to associate members who had no voting rights, no role in management and no entitlement to share in profits, while the surplus was distributed only to shareholding members. Because the contributors to the surplus and the participators in the surplus were not the same, the common character required for mutuality was absent. On that basis, the claim for deduction failed and the Revenue's position prevailed. en-us Tue, 27 Mar 2018 00:00:00 +0530 Tue, 17 Sep 2019 11:02:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283272 Deduction under section 80P(2)(a)(i) was found unavailable where a society operated with distinct classes of members and the test of mutuality failed. Loans were advanced to associate members who had no voting rights, no role in management and no entitlement to share in profits, while the surplus was distributed only to shareholding members. Because the contributors to the surplus and the participators in the surplus were not the same, the common character required for mutuality was absent. On that basis, the claim for deduction failed and the Revenue's position prevailed. Case-Laws Income Tax Tue, 27 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283272