https://www.taxtmi.com/caselaws?id=407654 The Tribunal upheld the decision of the CIT(A) regarding the eligibility of a co-operative credit society for deduction under Section 80P of the Income Tax Act, 1961. The Revenue's appeal challenging the classification of the assessee as a co-operative credit society rather than a co-operative bank was dismissed. The Tribunal affirmed the CIT(A)'s analysis, citing precedents and the definition of 'banking business,' concluding that the assessee qualified for the deduction. The cross-objection by the assessee supporting the CIT(A)'s decision was deemed infructuous. Therefore, both the Revenue's appeal and the assessee's cross-objection were dismissed, confirming the co-operative credit society's eligibility for the deduction under Section 80P. en-us Mon, 01 Feb 2021 00:00:00 +0530 Mon, 17 May 2021 15:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407654 The Tribunal upheld the decision of the CIT(A) regarding the eligibility of a co-operative credit society for deduction under Section 80P of the Income Tax Act, 1961. The Revenue's appeal challenging the classification of the assessee as a co-operative credit society rather than a co-operative bank was dismissed. The Tribunal affirmed the CIT(A)'s analysis, citing precedents and the definition of 'banking business,' concluding that the assessee qualified for the deduction. The cross-objection by the assessee supporting the CIT(A)'s decision was deemed infructuous. Therefore, both the Revenue's appeal and the assessee's cross-objection were dismissed, confirming the co-operative credit society's eligibility for the deduction under Section 80P. Case-Laws Income Tax Mon, 01 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407654