https://www.taxtmi.com/caselaws?id=763322 Section 80P(4) denies deduction only to a genuine co-operative bank carrying on banking business with the public and holding the requisite banking licence; a co-operative credit society is not disqualified merely by label. On the facts, the assessee was not shown to satisfy the statutory attributes of a co-operative bank and remained entitled to deduction under Section 80P. Where ordinary business disallowances are made, the corresponding additions are to be reflected in the profit base for computing the eligible deduction, consistent with the CBDT circular principle. The computational issue was therefore decided in the assessee's favour. en-us Thu, 05 Dec 2024 00:00:00 +0530 Wed, 18 Dec 2024 08:58:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763322 Section 80P(4) denies deduction only to a genuine co-operative bank carrying on banking business with the public and holding the requisite banking licence; a co-operative credit society is not disqualified merely by label. On the facts, the assessee was not shown to satisfy the statutory attributes of a co-operative bank and remained entitled to deduction under Section 80P. Where ordinary business disallowances are made, the corresponding additions are to be reflected in the profit base for computing the eligible deduction, consistent with the CBDT circular principle. The computational issue was therefore decided in the assessee's favour. Case-Laws Income Tax Thu, 05 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763322