https://www.taxtmi.com/highlights?id=81263 Deduction u/s 80P(2)(a)(i) was denied by the Assessing Officer on grounds that the assessee society cannot be termed a mutual concern and principles of mutuality cannot apply since transactions with associate/nominal members result in income/advantages benefiting regular members. However, the Supreme Court in Mavilayi Service Co-operative Bank Ltd. case held that co-operative societies providing credit facilities to members are entitled to deduction u/s 80P(2)(a)(i), clarifying that section 80P(4) excludes only co-operative banks engaged in lending to the public. Following this precedent, the issue was remanded for fresh consideration by the Assessing Officer. Regarding deduction u/s 80P(2)(d), the Assessing Officer was directed to verify i..... en-us Thu, 12 Sep 2024 07:57:35 +0530 Thu, 12 Sep 2024 07:57:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=81263 Deduction u/s 80P(2)(a)(i) was denied by the Assessing Officer on grounds that the assessee society cannot be termed a mutual concern and principles of mutuality cannot apply since transactions with associate/nominal members result in income/advantages benefiting regular members. However, the Supreme Court in Mavilayi Service Co-operative Bank Ltd. case held that co-operative societies providing credit facilities to members are entitled to deduction u/s 80P(2)(a)(i), clarifying that section 80P(4) excludes only co-operative banks engaged in lending to the public. Following this precedent, the issue was remanded for fresh consideration by the Assessing Officer. Regarding deduction u/s 80P(2)(d), the Assessing Officer was directed to verify i..... Highlights Income Tax Thu, 12 Sep 2024 07:57:35 +0530 https://www.taxtmi.com/highlights?id=81263