https://www.taxtmi.com/caselaws?id=432865 A cooperative society engaged in providing credit to members was not treated as a co-operative bank because it did not accept deposits from the public and was not carrying on banking business in the statutory sense, so section 80P(4) did not exclude it. Interest earned on bank deposits and other deployment of surplus funds was held to be distinct from income from the credit activity and was not fully deductible under section 80P. Deduction under section 80P(2)(a)(i) was confined to the income attributable to providing credit facilities to members, and not to the entire gross income. en-us Wed, 11 Jan 2023 00:00:00 +0530 Fri, 13 Jan 2023 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432865 A cooperative society engaged in providing credit to members was not treated as a co-operative bank because it did not accept deposits from the public and was not carrying on banking business in the statutory sense, so section 80P(4) did not exclude it. Interest earned on bank deposits and other deployment of surplus funds was held to be distinct from income from the credit activity and was not fully deductible under section 80P. Deduction under section 80P(2)(a)(i) was confined to the income attributable to providing credit facilities to members, and not to the entire gross income. Case-Laws Income Tax Wed, 11 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432865