https://www.taxtmi.com/caselaws?id=407527 Section 80P(2)(a)(i) is a beneficial deduction provision for co-operative societies providing credit facilities to members, so it must be construed liberally. A registered co-operative credit society is not disqualified merely because it has some dealings with non-members; only income attributable to non-member transactions falls outside the deduction. The tax authorities cannot reclassify the society as a co-operative bank by going behind its registration and bye-laws when its core activity remains member-based credit provision. The deduction therefore remains available, subject to exclusion of income not linked to eligible member activity. en-us Fri, 07 May 2021 00:00:00 +0530 Wed, 18 Jan 2023 11:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407527 Section 80P(2)(a)(i) is a beneficial deduction provision for co-operative societies providing credit facilities to members, so it must be construed liberally. A registered co-operative credit society is not disqualified merely because it has some dealings with non-members; only income attributable to non-member transactions falls outside the deduction. The tax authorities cannot reclassify the society as a co-operative bank by going behind its registration and bye-laws when its core activity remains member-based credit provision. The deduction therefore remains available, subject to exclusion of income not linked to eligible member activity. Case-Laws Income Tax Fri, 07 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407527