https://www.taxtmi.com/caselaws?id=403320 Deduction under section 80P(2)(a)(i) was denied where a co-operative society accepted deposits and advanced loans mainly to nominal and associate members in excess of the 15% limit under amended section 18 of the Karnataka Co-operative Societies Act, 1959. The text treats such dealings as governed by the State co-operative law and notes that, because the excess nominal and associate membership finding was not rebutted, transactions with persons effectively outside the permitted membership structure could not sustain the claimed tax benefit. The disallowance of the deduction was accordingly upheld. en-us Thu, 21 Jan 2021 00:00:00 +0530 Sat, 23 Jan 2021 11:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403320 Deduction under section 80P(2)(a)(i) was denied where a co-operative society accepted deposits and advanced loans mainly to nominal and associate members in excess of the 15% limit under amended section 18 of the Karnataka Co-operative Societies Act, 1959. The text treats such dealings as governed by the State co-operative law and notes that, because the excess nominal and associate membership finding was not rebutted, transactions with persons effectively outside the permitted membership structure could not sustain the claimed tax benefit. The disallowance of the deduction was accordingly upheld. Case-Laws Income Tax Thu, 21 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403320