https://www.taxtmi.com/caselaws?id=283752 A co-operative credit society providing credit facilities to its members remained eligible for deduction under section 80P because the bar in section 80P(4) applies to co-operative banks, not to every co-operative credit society. Acceptance of deposits from nominal members and investment of surplus funds with co-operative banks or other banks did not convert the society into a co-operative bank. Interest earned on surplus funds placed with co-operative banks was also treated as deductible. The disallowance made by the Assessing Officer was therefore not sustainable. en-us Wed, 03 Jul 2019 00:00:00 +0530 Thu, 10 Oct 2019 11:38:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283752 A co-operative credit society providing credit facilities to its members remained eligible for deduction under section 80P because the bar in section 80P(4) applies to co-operative banks, not to every co-operative credit society. Acceptance of deposits from nominal members and investment of surplus funds with co-operative banks or other banks did not convert the society into a co-operative bank. Interest earned on surplus funds placed with co-operative banks was also treated as deductible. The disallowance made by the Assessing Officer was therefore not sustainable. Case-Laws Income Tax Wed, 03 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283752