https://www.taxtmi.com/caselaws?id=294457 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision, affirming the eligibility of a cooperative credit society for deduction under section 80P of the Income Tax Act, 1961. The Tribunal emphasized that the society was not engaged in banking business as defined under the Banking Regulation Act 1949, supporting its eligibility for the deduction. The Tribunal dismissed the revenue's appeal, finding no fault in the CIT(A)'s decision, and granting relief to the cooperative credit society. en-us Thu, 07 Jan 2021 00:00:00 +0530 Thu, 15 Apr 2021 08:04:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294457 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision, affirming the eligibility of a cooperative credit society for deduction under section 80P of the Income Tax Act, 1961. The Tribunal emphasized that the society was not engaged in banking business as defined under the Banking Regulation Act 1949, supporting its eligibility for the deduction. The Tribunal dismissed the revenue's appeal, finding no fault in the CIT(A)'s decision, and granting relief to the cooperative credit society. Case-Laws Income Tax Thu, 07 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294457