https://www.taxtmi.com/caselaws?id=761861 ITAT Mumbai held that a co-operative credit society registered under Maharashtra Co-operative Societies Act, 1960, with membership restricted to employees only, does not qualify as a co-operative bank under Section 80P(4). The society's principal business was not banking as it did not transact with the general public. The tribunal allowed deduction under Section 80P(2)(d) for interest and dividend income and under Section 80P(2)(a)(i) for interest from member deposits, ruling in favor of the assessee against revenue's denial of Section 80P benefits. en-us Wed, 07 Aug 2024 00:00:00 +0530 Tue, 19 Nov 2024 08:40:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761861 ITAT Mumbai held that a co-operative credit society registered under Maharashtra Co-operative Societies Act, 1960, with membership restricted to employees only, does not qualify as a co-operative bank under Section 80P(4). The society's principal business was not banking as it did not transact with the general public. The tribunal allowed deduction under Section 80P(2)(d) for interest and dividend income and under Section 80P(2)(a)(i) for interest from member deposits, ruling in favor of the assessee against revenue's denial of Section 80P benefits. Case-Laws Income Tax Wed, 07 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761861