https://www.taxtmi.com/caselaws?id=298982 A co-operative federation is entitled to deduction under Section 80P(2)(a)(i) for interest income from credit facilities extended to nominal members, because the governing co-operative law treats nominal and associate members as members for this purpose. Although individuals are not ordinarily direct members of a federal society, the statutory proviso allowing admission of nominal members brings such persons within the membership base of the federation. Credit given to those nominal members is therefore credit to members, and the deduction applies. en-us Mon, 30 Jun 2014 00:00:00 +0530 Tue, 30 Nov 2021 08:29:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298982 A co-operative federation is entitled to deduction under Section 80P(2)(a)(i) for interest income from credit facilities extended to nominal members, because the governing co-operative law treats nominal and associate members as members for this purpose. Although individuals are not ordinarily direct members of a federal society, the statutory proviso allowing admission of nominal members brings such persons within the membership base of the federation. Credit given to those nominal members is therefore credit to members, and the deduction applies. Case-Laws Income Tax Mon, 30 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298982