https://www.taxtmi.com/caselaws?id=772522 Eligibility for deduction under section 80P must be tested in accordance with the governing state cooperative law, and the presence of associate or nominal members does not by itself defeat deduction for a co-operative society engaged in providing credit facilities to members. Interest on fixed deposits with a co-operative bank is deductible only if the deposits were made under a statutory compulsion; otherwise, only proportionate relief and related section 57 deduction may arise, so fresh verification is required. Rental receipts, commission income and other miscellaneous receipts are not treated as income from providing credit facilities and do not qualify for section 80P deduction. The section 40(a)(ia) disallowance also requires fresh factual verification. en-us Thu, 29 May 2025 00:00:00 +0530 Tue, 10 Jun 2025 08:43:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772522 Eligibility for deduction under section 80P must be tested in accordance with the governing state cooperative law, and the presence of associate or nominal members does not by itself defeat deduction for a co-operative society engaged in providing credit facilities to members. Interest on fixed deposits with a co-operative bank is deductible only if the deposits were made under a statutory compulsion; otherwise, only proportionate relief and related section 57 deduction may arise, so fresh verification is required. Rental receipts, commission income and other miscellaneous receipts are not treated as income from providing credit facilities and do not qualify for section 80P deduction. The section 40(a)(ia) disallowance also requires fresh factual verification. Case-Laws Income Tax Thu, 29 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772522