https://www.taxtmi.com/caselaws?id=438817 Profits attributable to dealings with regular members of a co-operative society remain eligible for proportionate deduction under section 80P(2)(a)(i), but income arising from transactions with nominal, associate, or other non-members is excluded. Applying the principle in Mavilayi Service Cooperative Bank Ltd. and the statutory restriction on nominal and associate membership, the deduction could not be denied in toto merely because some business was done with non-members. Interest earned from scheduled banks was also held not deductible under either section 80P(2)(a)(i) or section 80P(2)(d) on the facts considered. The matter was therefore confined to recomputation of eligible member-based income. en-us Wed, 07 Jun 2023 00:00:00 +0530 Thu, 08 Jun 2023 14:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438817 Profits attributable to dealings with regular members of a co-operative society remain eligible for proportionate deduction under section 80P(2)(a)(i), but income arising from transactions with nominal, associate, or other non-members is excluded. Applying the principle in Mavilayi Service Cooperative Bank Ltd. and the statutory restriction on nominal and associate membership, the deduction could not be denied in toto merely because some business was done with non-members. Interest earned from scheduled banks was also held not deductible under either section 80P(2)(a)(i) or section 80P(2)(d) on the facts considered. The matter was therefore confined to recomputation of eligible member-based income. Case-Laws Income Tax Wed, 07 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438817