https://www.taxtmi.com/caselaws?id=389326 Eligibility for deduction under Section 80P depends on the society's actual activities, not merely on its registration or classification certificate, which is not conclusive. The Full Bench approach requires each assessment year to be examined on its own facts to determine whether the statutory exclusion applies, so a purely classification-based denial cannot stand without factual inquiry. Interest income from investments with co-operative banks, other banks, and treasuries is also subject to the same reassessment, because deduction on that component turns on the society's actual operations and the correct income characterisation. The matter was therefore remitted for fresh examination in accordance with the governing law. en-us Mon, 02 Dec 2019 00:00:00 +0530 Mon, 27 Jan 2020 17:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389326 Eligibility for deduction under Section 80P depends on the society's actual activities, not merely on its registration or classification certificate, which is not conclusive. The Full Bench approach requires each assessment year to be examined on its own facts to determine whether the statutory exclusion applies, so a purely classification-based denial cannot stand without factual inquiry. Interest income from investments with co-operative banks, other banks, and treasuries is also subject to the same reassessment, because deduction on that component turns on the society's actual operations and the correct income characterisation. The matter was therefore remitted for fresh examination in accordance with the governing law. Case-Laws Income Tax Mon, 02 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389326