https://www.taxtmi.com/caselaws?id=301523 A co-operative credit society that provides credit facilities only to its members remains eligible for deduction under section 80P(2)(a)(i) where it is not a co-operative bank. Section 80P(4) excludes co-operative banks from the deduction regime, and the conditions for treating the assessee as a primary co-operative bank were not established. On the facts recorded, the society dealt only with its members, so its income continued to arise from the eligible activity of providing credit facilities to members. The Revenue's objection under section 80P(4) was rejected and the appellate relief allowing the deduction was sustained. en-us Fri, 26 Jun 2015 00:00:00 +0530 Thu, 07 Apr 2022 20:14:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301523 A co-operative credit society that provides credit facilities only to its members remains eligible for deduction under section 80P(2)(a)(i) where it is not a co-operative bank. Section 80P(4) excludes co-operative banks from the deduction regime, and the conditions for treating the assessee as a primary co-operative bank were not established. On the facts recorded, the society dealt only with its members, so its income continued to arise from the eligible activity of providing credit facilities to members. The Revenue's objection under section 80P(4) was rejected and the appellate relief allowing the deduction was sustained. Case-Laws Income Tax Fri, 26 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301523