https://www.taxtmi.com/caselaws?id=296351 Section 80P deduction for a co-operative society must be tested by a factual examination of the society's activities and the nature of the income attributable to them. The Supreme Court's interpretation treats section 80P as a beneficial provision to be construed liberally, with ambiguity resolved in favour of the assessee, while section 80P(4) excludes only co-operative banks engaged in banking business. Applying that approach, the deduction claim under section 80P(2)(a)(i) required fresh consideration on the facts. The matter was remitted to the Assessing Officer for re-examination in line with the Supreme Court ruling, and the appeal was allowed for statistical purposes. en-us Thu, 15 Apr 2021 00:00:00 +0530 Thu, 15 Jul 2021 18:03:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296351 Section 80P deduction for a co-operative society must be tested by a factual examination of the society's activities and the nature of the income attributable to them. The Supreme Court's interpretation treats section 80P as a beneficial provision to be construed liberally, with ambiguity resolved in favour of the assessee, while section 80P(4) excludes only co-operative banks engaged in banking business. Applying that approach, the deduction claim under section 80P(2)(a)(i) required fresh consideration on the facts. The matter was remitted to the Assessing Officer for re-examination in line with the Supreme Court ruling, and the appeal was allowed for statistical purposes. Case-Laws Income Tax Thu, 15 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296351