https://www.taxtmi.com/caselaws?id=22965 The court ruled in favor of the co-operative housing society, holding that the interest income earned on advances made to members for house construction was exempt under section 80-P of the Income-tax Act. The court found that the society was engaged in providing credit facilities to its members as a distinct business activity, entitling it to the deduction benefits under the Act. Additionally, the court determined that the society's lending activities qualified as a separate and independent business of providing credit facilities, making it eligible for the tax benefits outlined in section 80P(1) and (2)(a)(i) of the Act. en-us Tue, 20 Nov 1990 00:00:00 +0530 Tue, 15 Dec 2009 16:04:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22965 The court ruled in favor of the co-operative housing society, holding that the interest income earned on advances made to members for house construction was exempt under section 80-P of the Income-tax Act. The court found that the society was engaged in providing credit facilities to its members as a distinct business activity, entitling it to the deduction benefits under the Act. Additionally, the court determined that the society's lending activities qualified as a separate and independent business of providing credit facilities, making it eligible for the tax benefits outlined in section 80P(1) and (2)(a)(i) of the Act. Case-Laws Income Tax Tue, 20 Nov 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22965