https://www.taxtmi.com/caselaws?id=293422 A credit co-operative society dealing only with employee-members and not the public was treated as outside the definition of a co-operative bank because it did not accept public deposits for banking activity and its bye-laws did not authorise such operations; section 80P(4) therefore did not apply. The jurisdictional High Court view on member-based credit societies was followed. The commission-income issue, arising from vendor-related recovery arrangements, required reconsideration under the deduction framework in section 80P(2)(c)(ii), and the matter was remitted for fresh decision after hearing. Limited deduction relief of Rs. 50,000 was directed, with the assessee obtaining only statistical relief. en-us Fri, 29 Jan 2016 00:00:00 +0530 Wed, 10 Feb 2021 19:08:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293422 A credit co-operative society dealing only with employee-members and not the public was treated as outside the definition of a co-operative bank because it did not accept public deposits for banking activity and its bye-laws did not authorise such operations; section 80P(4) therefore did not apply. The jurisdictional High Court view on member-based credit societies was followed. The commission-income issue, arising from vendor-related recovery arrangements, required reconsideration under the deduction framework in section 80P(2)(c)(ii), and the matter was remitted for fresh decision after hearing. Limited deduction relief of Rs. 50,000 was directed, with the assessee obtaining only statistical relief. Case-Laws Income Tax Fri, 29 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293422