https://www.taxtmi.com/caselaws?id=456855 A co-operative credit society's interest income from savings bank deposits and loans to staff members was held eligible for deduction under section 80P. The Tribunal noted that the deposits represented members' funds and that the staff borrowers were also members of the society, so the receipts retained the character of income from the society's co-operative activity. On those facts, the rejection of the deduction by the Assessing Officer and the CIT(A) was found unsustainable, and the disallowance was deleted. en-us Wed, 08 Feb 2023 00:00:00 +0530 Wed, 21 Aug 2024 19:54:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456855 A co-operative credit society's interest income from savings bank deposits and loans to staff members was held eligible for deduction under section 80P. The Tribunal noted that the deposits represented members' funds and that the staff borrowers were also members of the society, so the receipts retained the character of income from the society's co-operative activity. On those facts, the rejection of the deduction by the Assessing Officer and the CIT(A) was found unsustainable, and the disallowance was deleted. Case-Laws Income Tax Wed, 08 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456855