https://www.taxtmi.com/caselaws?id=459885 The court held that the assessee, a cooperative credit society, is entitled to a deduction under Section 80P(2)(a)(i) of the Income Tax Act for its business income from providing credit facilities to its members. Additionally, the court ruled that interest income earned from cooperative banks qualifies for a deduction under Section 80P(2)(d). However, interest income from scheduled banks does not qualify for this deduction, as they are not cooperative societies. The decision emphasizes the distinction between cooperative societies and cooperative banks concerning tax deductions. en-us Tue, 08 Oct 2024 00:00:00 +0530 Wed, 01 Jan 2025 17:29:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459885 The court held that the assessee, a cooperative credit society, is entitled to a deduction under Section 80P(2)(a)(i) of the Income Tax Act for its business income from providing credit facilities to its members. Additionally, the court ruled that interest income earned from cooperative banks qualifies for a deduction under Section 80P(2)(d). However, interest income from scheduled banks does not qualify for this deduction, as they are not cooperative societies. The decision emphasizes the distinction between cooperative societies and cooperative banks concerning tax deductions. Case-Laws Income Tax Tue, 08 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459885