https://www.taxtmi.com/caselaws?id=294424 The Tribunal upheld the allowance of deduction under section 80P for the assessee society, rejecting the Revenue's argument that the society was engaged in banking business. It classified the assessee as a Cooperative Credit Society, not a bank, based on legal and factual analysis, leading to the eligibility for deduction under section 80P(2)(a)(i) of the Income Tax Act. The decision was supported by relevant precedents and legal provisions, resulting in the dismissal of the Revenue's appeal. en-us Wed, 20 Jun 2018 00:00:00 +0530 Wed, 14 Apr 2021 08:45:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294424 The Tribunal upheld the allowance of deduction under section 80P for the assessee society, rejecting the Revenue's argument that the society was engaged in banking business. It classified the assessee as a Cooperative Credit Society, not a bank, based on legal and factual analysis, leading to the eligibility for deduction under section 80P(2)(a)(i) of the Income Tax Act. The decision was supported by relevant precedents and legal provisions, resulting in the dismissal of the Revenue's appeal. Case-Laws Income Tax Wed, 20 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294424