https://www.taxtmi.com/caselaws?id=396702 Entitlement to deduction for a co-operative society under section 80P depends on the society's activities for the relevant assessment year, not merely on its registration certificate or label. The Assessing Officer must examine whether the loans and credit facilities were, in substance, for agricultural purposes or whether the society functioned as a co-operative bank within the restriction in section 80P(4). Where the earlier enquiry is inadequate, the matter requires fresh factual examination of each loan transaction and its purpose before deciding eligibility for the deduction. en-us Thu, 09 Jul 2020 00:00:00 +0530 Wed, 15 Jul 2020 15:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396702 Entitlement to deduction for a co-operative society under section 80P depends on the society's activities for the relevant assessment year, not merely on its registration certificate or label. The Assessing Officer must examine whether the loans and credit facilities were, in substance, for agricultural purposes or whether the society functioned as a co-operative bank within the restriction in section 80P(4). Where the earlier enquiry is inadequate, the matter requires fresh factual examination of each loan transaction and its purpose before deciding eligibility for the deduction. Case-Laws Income Tax Thu, 09 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396702