https://www.taxtmi.com/caselaws?id=430402 The appeal involved the denial of deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961 for interest earned from credit facilities provided to nominal members by a cooperative society. The court held that since the term 'Member' under the relevant State Act included nominal members, the deduction should be allowed. Relying on precedents like Citizen Co-operative Society Ltd. vs. ACIT and Mavilayi Service Co-Operative Bank Ltd. vs. CIT, the court overturned the decision disallowing the deduction and directed it to be allowed. Consequently, the appeal was allowed on 16th November 2022. en-us Wed, 16 Nov 2022 00:00:00 +0530 Thu, 17 Nov 2022 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430402 The appeal involved the denial of deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961 for interest earned from credit facilities provided to nominal members by a cooperative society. The court held that since the term 'Member' under the relevant State Act included nominal members, the deduction should be allowed. Relying on precedents like Citizen Co-operative Society Ltd. vs. ACIT and Mavilayi Service Co-Operative Bank Ltd. vs. CIT, the court overturned the decision disallowing the deduction and directed it to be allowed. Consequently, the appeal was allowed on 16th November 2022. Case-Laws Income Tax Wed, 16 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430402