https://www.taxtmi.com/caselaws?id=458568 A co-operative credit society was held entitled to deduction under section 80P(2)(a)(i) because the presence of nominal members and acceptance of deposits from them did not breach the Maharashtra Co-operative Societies Act, where nominal membership was permitted and members included nominal members. The Tribunal also held that interest earned on fixed deposits placed with co-operative banks from business-linked surplus funds remained attributable to the society's eligible activity and was deductible under section 80P(2)(a)(i). On both issues, the Revenue's challenge failed and the assessee's position was accepted. en-us Fri, 09 Aug 2024 00:00:00 +0530 Wed, 06 Nov 2024 19:52:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458568 A co-operative credit society was held entitled to deduction under section 80P(2)(a)(i) because the presence of nominal members and acceptance of deposits from them did not breach the Maharashtra Co-operative Societies Act, where nominal membership was permitted and members included nominal members. The Tribunal also held that interest earned on fixed deposits placed with co-operative banks from business-linked surplus funds remained attributable to the society's eligible activity and was deductible under section 80P(2)(a)(i). On both issues, the Revenue's challenge failed and the assessee's position was accepted. Case-Laws Income Tax Fri, 09 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458568