https://www.taxtmi.com/caselaws?id=397418 A co-operative society providing credit facilities to members was held to fall within section 80P(2)(a)(i) because its bye-laws restricted banking activity to members, it did not deal with the public at large, and it was not shown to be a primary co-operative bank. The society was therefore not hit by section 80P(4). Business-linked disallowances for provision for bad debts and gratuity were also treated as enhancing eligible profits, so they continued to qualify for deduction under section 80P on the same principle applied to Chapter VI-A deductions. The result was that the claimed tax benefit was allowed. en-us Fri, 14 Aug 2020 00:00:00 +0530 Tue, 18 Aug 2020 07:34:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397418 A co-operative society providing credit facilities to members was held to fall within section 80P(2)(a)(i) because its bye-laws restricted banking activity to members, it did not deal with the public at large, and it was not shown to be a primary co-operative bank. The society was therefore not hit by section 80P(4). Business-linked disallowances for provision for bad debts and gratuity were also treated as enhancing eligible profits, so they continued to qualify for deduction under section 80P on the same principle applied to Chapter VI-A deductions. The result was that the claimed tax benefit was allowed. Case-Laws Income Tax Fri, 14 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397418