https://www.taxtmi.com/caselaws?id=308898 The Tribunal allowed the appeal of the assessee, directing the AO to grant the deduction claimed under section 80P of the Income Tax Act, 1961. The Tribunal held that the assessee, a Credit Cooperative Society providing credit facilities to its members, does not fall under the definition of a Cooperative Bank and is therefore entitled to the deduction under section 80P. The decision underscores the importance of distinguishing between different types of financial institutions for tax purposes. en-us Tue, 30 May 2023 00:00:00 +0530 Sun, 30 Jul 2023 11:22:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308898 The Tribunal allowed the appeal of the assessee, directing the AO to grant the deduction claimed under section 80P of the Income Tax Act, 1961. The Tribunal held that the assessee, a Credit Cooperative Society providing credit facilities to its members, does not fall under the definition of a Cooperative Bank and is therefore entitled to the deduction under section 80P. The decision underscores the importance of distinguishing between different types of financial institutions for tax purposes. Case-Laws Income Tax Tue, 30 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308898