https://www.taxtmi.com/caselaws?id=393186 A co-operative credit society remained eligible for deduction under Section 80P because it was not shown to be a co-operative bank within Section 80P(4). The Tribunal accepted that nominal, associate and sympathizer members could be treated as members under the applicable Maharashtra co-operative law, and therefore did not by themselves defeat the deduction claim. It also followed the settled distinction between a co-operative credit society and a co-operative bank, and held that investment of surplus funds with co-operative banks, by itself, did not negate entitlement where the society otherwise satisfied the statutory description. en-us Wed, 19 Feb 2020 00:00:00 +0530 Fri, 06 Mar 2020 11:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393186 A co-operative credit society remained eligible for deduction under Section 80P because it was not shown to be a co-operative bank within Section 80P(4). The Tribunal accepted that nominal, associate and sympathizer members could be treated as members under the applicable Maharashtra co-operative law, and therefore did not by themselves defeat the deduction claim. It also followed the settled distinction between a co-operative credit society and a co-operative bank, and held that investment of surplus funds with co-operative banks, by itself, did not negate entitlement where the society otherwise satisfied the statutory description. Case-Laws Income Tax Wed, 19 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393186