https://www.taxtmi.com/caselaws?id=460627 Section 80P was applied liberally to a co-operative credit society that did not hold an RBI banking licence, with section 80P(4) read as excluding only co-operative banks carrying on banking business with such a licence; deduction under section 80P(2)(a)(i) was therefore allowed. Interest earned from investments with co-operative banks was also held deductible under section 80P(2)(d), because a co-operative bank remains a co-operative society for that purpose and the character of the income as business income or income from other sources was treated as immaterial. The disallowances under both provisions were set aside. en-us Wed, 22 May 2024 00:00:00 +0530 Thu, 06 Feb 2025 18:58:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460627 Section 80P was applied liberally to a co-operative credit society that did not hold an RBI banking licence, with section 80P(4) read as excluding only co-operative banks carrying on banking business with such a licence; deduction under section 80P(2)(a)(i) was therefore allowed. Interest earned from investments with co-operative banks was also held deductible under section 80P(2)(d), because a co-operative bank remains a co-operative society for that purpose and the character of the income as business income or income from other sources was treated as immaterial. The disallowances under both provisions were set aside. Case-Laws Income Tax Wed, 22 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460627