https://www.taxtmi.com/caselaws?id=419683 Under section 80P(2)(a)(i), deduction is available for profits from providing credit facilities to members, and where the governing State co-operative law includes nominal members within the definition of "member", loans and advances to such persons are not excluded merely because they are described as nominal members. Interest from fixed deposits placed with co-operative banks may also qualify for deduction under section 80P where earlier Tribunal precedent supports that view and no contrary jurisdictional ruling exists. On this basis, the assessee's deduction claim was accepted and the assessment order was set aside to that extent. en-us Tue, 15 Mar 2022 00:00:00 +0530 Wed, 16 Mar 2022 14:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419683 Under section 80P(2)(a)(i), deduction is available for profits from providing credit facilities to members, and where the governing State co-operative law includes nominal members within the definition of "member", loans and advances to such persons are not excluded merely because they are described as nominal members. Interest from fixed deposits placed with co-operative banks may also qualify for deduction under section 80P where earlier Tribunal precedent supports that view and no contrary jurisdictional ruling exists. On this basis, the assessee's deduction claim was accepted and the assessment order was set aside to that extent. Case-Laws Income Tax Tue, 15 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419683