https://www.taxtmi.com/caselaws?id=461860 A credit co-operative society carrying on member-based lending without an RBI banking licence is not treated as a co-operative bank for section 80P(4), so its claim under section 80P(2)(a)(i) remains available subject to statutory conditions. Interest earned from deposits or 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. Once the entity was found not to be a co-operative bank, disallowance under section 36(1)(viia) had no statutory basis. The assessee's deductions were therefore upheld and the Revenue's appeals failed. en-us Tue, 28 May 2024 00:00:00 +0530 Sat, 03 May 2025 10:27:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461860 A credit co-operative society carrying on member-based lending without an RBI banking licence is not treated as a co-operative bank for section 80P(4), so its claim under section 80P(2)(a)(i) remains available subject to statutory conditions. Interest earned from deposits or 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. Once the entity was found not to be a co-operative bank, disallowance under section 36(1)(viia) had no statutory basis. The assessee's deductions were therefore upheld and the Revenue's appeals failed. Case-Laws Income Tax Tue, 28 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461860