https://www.taxtmi.com/caselaws?id=441302 A co-operative society remains eligible for deduction under section 80P unless it falls within the statutory exclusion for a co-operative bank. The Tribunal treated nominal members recognised under the Kerala Co-operative Societies Act as members for this purpose, and held that chit fund activity and related commission could form part of credit-facility business eligible for relief. It also stated that interest on deposits with another co-operative society may qualify under section 80P(2)(d), even if assessed under another head, and that dealings with nominal members did not by themselves defeat the deduction where the income otherwise satisfied the Income-tax Act. en-us Mon, 31 Jul 2023 00:00:00 +0530 Fri, 04 Aug 2023 14:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441302 A co-operative society remains eligible for deduction under section 80P unless it falls within the statutory exclusion for a co-operative bank. The Tribunal treated nominal members recognised under the Kerala Co-operative Societies Act as members for this purpose, and held that chit fund activity and related commission could form part of credit-facility business eligible for relief. It also stated that interest on deposits with another co-operative society may qualify under section 80P(2)(d), even if assessed under another head, and that dealings with nominal members did not by themselves defeat the deduction where the income otherwise satisfied the Income-tax Act. Case-Laws Income Tax Mon, 31 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441302