https://www.taxtmi.com/caselaws?id=389150 Entitlement to deduction under section 80P turned on two unresolved matters: whether nominal or associate members could be treated as members for purposes of business income attributable to credit facilities, and whether interest earned on fixed deposits with banks qualified for deduction. The text notes that the mutuality principle and the bye-law and co-operative law status of such members required fresh factual and legal examination, and that the character of fixed-deposit interest also needed reconsideration in light of applicable precedent. The assessment was therefore set aside and the issues were remitted for fresh adjudication, with only a statistical allowance of the appeal. en-us Fri, 29 Nov 2019 00:00:00 +0530 Mon, 02 Dec 2019 16:46:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389150 Entitlement to deduction under section 80P turned on two unresolved matters: whether nominal or associate members could be treated as members for purposes of business income attributable to credit facilities, and whether interest earned on fixed deposits with banks qualified for deduction. The text notes that the mutuality principle and the bye-law and co-operative law status of such members required fresh factual and legal examination, and that the character of fixed-deposit interest also needed reconsideration in light of applicable precedent. The assessment was therefore set aside and the issues were remitted for fresh adjudication, with only a statistical allowance of the appeal. Case-Laws Income Tax Fri, 29 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389150