https://www.taxtmi.com/caselaws?id=285331 The Tribunal upheld the deletion of an addition made on account of credit balance outstanding, affirming that a cooperative society exclusively providing credit facilities to its members, who were employees of a specific company, qualified for deduction under section 80P of the Income Tax Act. The society's activities were limited to its members, and it met the criteria set out in section 80P(2)(a)(i), leading to the dismissal of the Revenue's appeal. The Tribunal concluded that the society's operations aligned with the statutory provisions, thus upholding the decision in favor of the cooperative society. en-us Mon, 06 Aug 2012 00:00:00 +0530 Mon, 27 Mar 2023 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285331 The Tribunal upheld the deletion of an addition made on account of credit balance outstanding, affirming that a cooperative society exclusively providing credit facilities to its members, who were employees of a specific company, qualified for deduction under section 80P of the Income Tax Act. The society's activities were limited to its members, and it met the criteria set out in section 80P(2)(a)(i), leading to the dismissal of the Revenue's appeal. The Tribunal concluded that the society's operations aligned with the statutory provisions, thus upholding the decision in favor of the cooperative society. Case-Laws Income Tax Mon, 06 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285331