https://www.taxtmi.com/caselaws?id=761861 A co-operative credit society that provides credit only to its members, and does not carry on banking business with the public, is outside the exclusion in section 80P(4) of the Income-tax Act. The exclusion applies only where the society satisfies the statutory features of a co-operative bank or primary co-operative bank, including a principal object of banking business and the relevant membership restrictions. On the facts considered, those conditions were not met, so income attributable to credit facilities to members remained eligible for deduction under section 80P(2)(a)(i). Interest and dividend earned from investments with other co-operative societies were also deductible under section 80P(2)(d). 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 A co-operative credit society that provides credit only to its members, and does not carry on banking business with the public, is outside the exclusion in section 80P(4) of the Income-tax Act. The exclusion applies only where the society satisfies the statutory features of a co-operative bank or primary co-operative bank, including a principal object of banking business and the relevant membership restrictions. On the facts considered, those conditions were not met, so income attributable to credit facilities to members remained eligible for deduction under section 80P(2)(a)(i). Interest and dividend earned from investments with other co-operative societies were also deductible under section 80P(2)(d). Case-Laws Income Tax Wed, 07 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761861