https://www.taxtmi.com/caselaws?id=465572 The dominant issue was whether a co-operative credit society's profits, including interest arising from deployment of funds, were deductible under s.80P. Applying SC jurisprudence in Mavilayi Service Cooperative Bank Ltd., the Tribunal held that a society registered under the State Co-operative Societies Act and engaged in providing credit facilities to its members satisfies the statutory conditions for deduction under s.80P(2)(a)(i). Relying on supportive HC authority and consistent ITAT precedent that interest income attributable to such business qualifies for deduction, and noting absence of any contrary binding jurisdictional HC ruling, the disallowance was set aside and the assessee's appeal was allowed. en-us Thu, 22 May 2025 00:00:00 +0530 Wed, 31 Dec 2025 13:57:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465572 The dominant issue was whether a co-operative credit society's profits, including interest arising from deployment of funds, were deductible under s.80P. Applying SC jurisprudence in Mavilayi Service Cooperative Bank Ltd., the Tribunal held that a society registered under the State Co-operative Societies Act and engaged in providing credit facilities to its members satisfies the statutory conditions for deduction under s.80P(2)(a)(i). Relying on supportive HC authority and consistent ITAT precedent that interest income attributable to such business qualifies for deduction, and noting absence of any contrary binding jurisdictional HC ruling, the disallowance was set aside and the assessee's appeal was allowed. Case-Laws Income Tax Thu, 22 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465572