https://www.taxtmi.com/caselaws?id=293423 A co-operative credit society is not treated as a co-operative bank merely because it accepts deposits from or provides credit to its members; accordingly, section 80P(4) does not automatically deny deduction under section 80P(2)(a)(i) where the society is not a state, central or primary co-operative bank under banking law. The deduction also remains available for income attributable to member-based activities, including qualifying interest and dividend income, but relief is confined to income arising from dealings with members and does not extend to non-member income. The Tribunal followed jurisdictional and coordinate bench precedents and applied consistency in allowing the assessee's claim subject to this restriction. en-us Mon, 23 May 2016 00:00:00 +0530 Wed, 10 Feb 2021 19:08:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293423 A co-operative credit society is not treated as a co-operative bank merely because it accepts deposits from or provides credit to its members; accordingly, section 80P(4) does not automatically deny deduction under section 80P(2)(a)(i) where the society is not a state, central or primary co-operative bank under banking law. The deduction also remains available for income attributable to member-based activities, including qualifying interest and dividend income, but relief is confined to income arising from dealings with members and does not extend to non-member income. The Tribunal followed jurisdictional and coordinate bench precedents and applied consistency in allowing the assessee's claim subject to this restriction. Case-Laws Income Tax Mon, 23 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293423