https://www.taxtmi.com/caselaws?id=286603 A co-operative credit society remains distinct from a co-operative bank for section 80P purposes, and section 80P(4) excludes co-operative banks without withdrawing deduction from eligible credit societies. The Tribunal applied a strict construction of taxing provisions, relied on the distinction under the Banking Regulation Act and the wider concept of membership under the Maharashtra Co-operative Societies Act, 1960, and accepted earlier rulings that nominal or associate members do not fall outside membership for this purpose. It also treated the society's interest income from deposits with co-operative banks as deductible under section 80P(2)(d), and considered contrary authority inapplicable on the facts. en-us Wed, 03 Jul 2019 00:00:00 +0530 Thu, 05 Mar 2020 12:02:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286603 A co-operative credit society remains distinct from a co-operative bank for section 80P purposes, and section 80P(4) excludes co-operative banks without withdrawing deduction from eligible credit societies. The Tribunal applied a strict construction of taxing provisions, relied on the distinction under the Banking Regulation Act and the wider concept of membership under the Maharashtra Co-operative Societies Act, 1960, and accepted earlier rulings that nominal or associate members do not fall outside membership for this purpose. It also treated the society's interest income from deposits with co-operative banks as deductible under section 80P(2)(d), and considered contrary authority inapplicable on the facts. Case-Laws Income Tax Wed, 03 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286603