https://www.taxtmi.com/caselaws?id=415797 Deduction under section 80P for a cooperative credit society must be examined in light of the governing principle that "members" are identified by the relevant State cooperative law, so dealings with nominal or associate members do not by themselves defeat the claim; the factual position was remanded for fresh verification. Interest from deposits with cooperative societies remains eligible under section 80P(2)(d), but interest from deposits with cooperative banks requires scrutiny and is not automatically deductible as business income under section 80P(2)(a)(i). If such interest is taxed as income from other sources, proportionate expenditure incurred to earn it may be allowed under section 57, subject to proof. en-us Fri, 10 Dec 2021 00:00:00 +0530 Tue, 14 Dec 2021 08:40:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415797 Deduction under section 80P for a cooperative credit society must be examined in light of the governing principle that "members" are identified by the relevant State cooperative law, so dealings with nominal or associate members do not by themselves defeat the claim; the factual position was remanded for fresh verification. Interest from deposits with cooperative societies remains eligible under section 80P(2)(d), but interest from deposits with cooperative banks requires scrutiny and is not automatically deductible as business income under section 80P(2)(a)(i). If such interest is taxed as income from other sources, proportionate expenditure incurred to earn it may be allowed under section 57, subject to proof. Case-Laws Income Tax Fri, 10 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415797