https://www.taxtmi.com/caselaws?id=461812 Co-operative credit societies confined to lending and deposit activities for members, without providing banking facilities to the public, remain eligible for deduction on eligible profits under section 80P(2)(a)(i). The exclusion for co-operative banks under section 80P(4) does not extend to every co-operative society conducting credit activities. Where the whole of the profits from eligible activities qualify for deduction, disallowances of staff leave encashment and election expenditure are consequentially academic, since any disallowed amount would remain within the deductible eligible profits. en-us Wed, 28 Feb 2018 00:00:00 +0530 Wed, 30 Apr 2025 12:43:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461812 Co-operative credit societies confined to lending and deposit activities for members, without providing banking facilities to the public, remain eligible for deduction on eligible profits under section 80P(2)(a)(i). The exclusion for co-operative banks under section 80P(4) does not extend to every co-operative society conducting credit activities. Where the whole of the profits from eligible activities qualify for deduction, disallowances of staff leave encashment and election expenditure are consequentially academic, since any disallowed amount would remain within the deductible eligible profits. Case-Laws Income Tax Wed, 28 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461812