https://www.taxtmi.com/caselaws?id=408862 Section 80P(2)(a)(i) allows deduction for income attributable to banking or credit facilities provided to members, and under the Maharashtra Co-operative Societies Act, 1960 a nominal member is included within the statutory definition of member. On that basis, income from loans advanced to nominal members falls within the deduction where the governing state law treats them as members. An earlier Supreme Court decision was distinguished because it arose under a different statutory framework that did not recognise nominal members as members, while later Supreme Court and jurisdictional High Court interpretations supported the broader reading. The deduction was therefore held allowable for such income. en-us Mon, 21 Jun 2021 00:00:00 +0530 Wed, 23 Jun 2021 10:12:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408862 Section 80P(2)(a)(i) allows deduction for income attributable to banking or credit facilities provided to members, and under the Maharashtra Co-operative Societies Act, 1960 a nominal member is included within the statutory definition of member. On that basis, income from loans advanced to nominal members falls within the deduction where the governing state law treats them as members. An earlier Supreme Court decision was distinguished because it arose under a different statutory framework that did not recognise nominal members as members, while later Supreme Court and jurisdictional High Court interpretations supported the broader reading. The deduction was therefore held allowable for such income. Case-Laws Income Tax Mon, 21 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408862