https://www.taxtmi.com/caselaws?id=303054 A primary agricultural co-operative society is described as eligible for deduction on income from transactions with associate members where the state co-operative law recognises associate members as members subject to the bye-laws. The analysis notes that the society was not shown to be carrying on banking business under the Banking Regulation Act and did not hold an RBI banking licence, so the exclusion in section 80P(4) was treated as confined to co-operative banks engaged in banking business with the public. Section 80P was also applied as a benevolent provision requiring liberal construction, supporting deductibility of eligible member-based income. en-us Fri, 29 Apr 2022 00:00:00 +0530 Fri, 01 Jul 2022 12:14:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303054 A primary agricultural co-operative society is described as eligible for deduction on income from transactions with associate members where the state co-operative law recognises associate members as members subject to the bye-laws. The analysis notes that the society was not shown to be carrying on banking business under the Banking Regulation Act and did not hold an RBI banking licence, so the exclusion in section 80P(4) was treated as confined to co-operative banks engaged in banking business with the public. Section 80P was also applied as a benevolent provision requiring liberal construction, supporting deductibility of eligible member-based income. Case-Laws Income Tax Fri, 29 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303054