https://www.taxtmi.com/caselaws?id=399435 Eligibility for deduction under Section 80P(2)(a)(i) must be tested on a factual enquiry into the society's actual activities for the relevant year, including the purpose of each loan transaction, and not merely on its co-operative registration or certificate. After the Full Bench ruling in Mavilayi, a denial of deduction cannot rest on classification alone, and Section 80P(4) requires examination of the real nature of the assessee-society's business. A bare reference to a limited agricultural component, without verifying the underlying lending activity, is insufficient. The matter was therefore restored for fresh factual adjudication, with the assessee succeeding to that extent. en-us Wed, 07 Oct 2020 00:00:00 +0530 Sat, 10 Oct 2020 15:51:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399435 Eligibility for deduction under Section 80P(2)(a)(i) must be tested on a factual enquiry into the society's actual activities for the relevant year, including the purpose of each loan transaction, and not merely on its co-operative registration or certificate. After the Full Bench ruling in Mavilayi, a denial of deduction cannot rest on classification alone, and Section 80P(4) requires examination of the real nature of the assessee-society's business. A bare reference to a limited agricultural component, without verifying the underlying lending activity, is insufficient. The matter was therefore restored for fresh factual adjudication, with the assessee succeeding to that extent. Case-Laws Income Tax Wed, 07 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399435