https://www.taxtmi.com/caselaws?id=286625 A co-operative credit society was treated as distinct from a co-operative bank, so the bar in section 80P(4) did not apply to deny deduction under section 80P of the Income-tax Act, 1961. The Tribunal followed its earlier decision and the settled rule of consistency, noting that the Maharashtra Co-operative Societies Act recognises nominal and similar classes of members within the concept of membership. It also held that the society's investments and interest income did not change its character into a co-operative bank. Deduction under section 80P was therefore allowed. en-us Mon, 23 Sep 2019 00:00:00 +0530 Fri, 06 Mar 2020 10:45:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286625 A co-operative credit society was treated as distinct from a co-operative bank, so the bar in section 80P(4) did not apply to deny deduction under section 80P of the Income-tax Act, 1961. The Tribunal followed its earlier decision and the settled rule of consistency, noting that the Maharashtra Co-operative Societies Act recognises nominal and similar classes of members within the concept of membership. It also held that the society's investments and interest income did not change its character into a co-operative bank. Deduction under section 80P was therefore allowed. Case-Laws Income Tax Mon, 23 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286625