https://www.taxtmi.com/caselaws?id=752798 The ITAT Bangalore allowed the assessee's claim for exemption under section 80P(2)(a)(i) regarding profits from providing credit facilities to members. The AO had disallowed the deduction, arguing the society accepted deposits from the general public and that interest income wasn't eligible under section 80P(2)(d). The tribunal relied on SC precedents in Mavilayi Service Cooperative Bank Ltd and UP Cooperative Cane Union Federation Limited, holding that "members" should be defined per the relevant cooperative societies Act, and loans to nominal members qualify for the deduction. en-us Tue, 02 Jan 2024 00:00:00 +0530 Sat, 18 May 2024 06:50:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752798 The ITAT Bangalore allowed the assessee's claim for exemption under section 80P(2)(a)(i) regarding profits from providing credit facilities to members. The AO had disallowed the deduction, arguing the society accepted deposits from the general public and that interest income wasn't eligible under section 80P(2)(d). The tribunal relied on SC precedents in Mavilayi Service Cooperative Bank Ltd and UP Cooperative Cane Union Federation Limited, holding that "members" should be defined per the relevant cooperative societies Act, and loans to nominal members qualify for the deduction. Case-Laws Income Tax Tue, 02 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752798