https://www.taxtmi.com/caselaws?id=388158 A co-operative credit society was held not to fall within the section 80P(4) exclusion merely because it provides credit facilities to members; the exclusion applies only where the entity has the character of a co-operative bank. On that basis, deduction under section 80P(2)(a)(i) remained available. The text also notes that a fresh bifurcation of interest and allied receipts, used to curtail part of the deduction without prior opportunity to rebut, offended fairness. The related disallowance was therefore set aside for reconsideration after hearing the assessee. en-us Tue, 22 Oct 2019 00:00:00 +0530 Fri, 08 Nov 2019 11:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388158 A co-operative credit society was held not to fall within the section 80P(4) exclusion merely because it provides credit facilities to members; the exclusion applies only where the entity has the character of a co-operative bank. On that basis, deduction under section 80P(2)(a)(i) remained available. The text also notes that a fresh bifurcation of interest and allied receipts, used to curtail part of the deduction without prior opportunity to rebut, offended fairness. The related disallowance was therefore set aside for reconsideration after hearing the assessee. Case-Laws Income Tax Tue, 22 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388158