https://www.taxtmi.com/caselaws?id=424558 Section 80P(2)(a)(i) allows a co-operative credit society deduction for providing credit facilities to members despite associate or 'B' class membership permitted under applicable co-operative law and bye-laws, unless it operates as a co-operative bank conducting banking business with the public under an RBI licence. Section 80P(4) therefore does not exclude a society that confines its credit activities to members. Interest from deposits with a co-operative bank that is itself a co-operative society qualifies for deduction under section 80P(2)(d), rather than being taxed as income from other sources. en-us Wed, 29 Jun 2022 00:00:00 +0530 Sat, 02 Jul 2022 11:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424558 Section 80P(2)(a)(i) allows a co-operative credit society deduction for providing credit facilities to members despite associate or 'B' class membership permitted under applicable co-operative law and bye-laws, unless it operates as a co-operative bank conducting banking business with the public under an RBI licence. Section 80P(4) therefore does not exclude a society that confines its credit activities to members. Interest from deposits with a co-operative bank that is itself a co-operative society qualifies for deduction under section 80P(2)(d), rather than being taxed as income from other sources. Case-Laws Income Tax Wed, 29 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424558