https://www.taxtmi.com/caselaws?id=461867 ITAT Mumbai dismissed Revenue's appeals regarding deduction under sections 80P(2)(a)(i) and 80P(2)(d). The assessee cooperative society collected deposits from members and provided various loans exclusively to members, earning interest income from deposits with cooperative banks. Revenue challenged the society's entitlement to deductions, arguing it operated as a cooperative bank. ITAT held the assessee was a credit cooperative society, not a cooperative bank under Banking Regulation Act, 1949, as it didn't provide cash credit facilities, letters of credit, export credit, or guarantees. Following precedent from assessee's own case, ITAT confirmed eligibility for deductions under section 80P, upholding CIT(A)'s order allowing the claims. en-us Wed, 29 May 2024 00:00:00 +0530 Sat, 03 May 2025 14:06:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461867 ITAT Mumbai dismissed Revenue's appeals regarding deduction under sections 80P(2)(a)(i) and 80P(2)(d). The assessee cooperative society collected deposits from members and provided various loans exclusively to members, earning interest income from deposits with cooperative banks. Revenue challenged the society's entitlement to deductions, arguing it operated as a cooperative bank. ITAT held the assessee was a credit cooperative society, not a cooperative bank under Banking Regulation Act, 1949, as it didn't provide cash credit facilities, letters of credit, export credit, or guarantees. Following precedent from assessee's own case, ITAT confirmed eligibility for deductions under section 80P, upholding CIT(A)'s order allowing the claims. Case-Laws Income Tax Wed, 29 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461867