https://www.taxtmi.com/caselaws?id=414211 Deduction under section 80P(2)(a)(i) for a co-operative credit society was examined in light of the Karnataka Co-operative Societies Act, 1959, including the statutory definition of "member" under section 2(f) and the lending restrictions under section 60. The Court noted transactions involving associate and nominal members and held that the matter required reconsideration under the later Supreme Court guidance on nominal members and the applicable statutory framework. The assessment and appellate orders denying the deduction were set aside to the necessary extent, and the matter was remitted to the Assessing Officer for fresh decision in accordance with law. en-us Wed, 29 Sep 2021 00:00:00 +0530 Thu, 28 Apr 2022 17:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414211 Deduction under section 80P(2)(a)(i) for a co-operative credit society was examined in light of the Karnataka Co-operative Societies Act, 1959, including the statutory definition of "member" under section 2(f) and the lending restrictions under section 60. The Court noted transactions involving associate and nominal members and held that the matter required reconsideration under the later Supreme Court guidance on nominal members and the applicable statutory framework. The assessment and appellate orders denying the deduction were set aside to the necessary extent, and the matter was remitted to the Assessing Officer for fresh decision in accordance with law. Case-Laws Income Tax Wed, 29 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414211