https://www.taxtmi.com/caselaws?id=465585 The dominant issue was eligibility of a registered co-operative credit society for deduction under s. 80P(2)(a)(i). Applying the governing interpretation that registration under the State co-operative law and carrying on business of providing credit facilities to members satisfies s. 80P(2)(a)(i), the Tribunal rejected the Revenue's objection and allowed the deduction on profits from member-credit activity. A further issue concerned whether interest earned on deposits placed with a co-operative bank constituted ineligible "income from other sources" disentitled to s. 80P relief. Following the prevailing view that such interest from a co-operative institution qualifies for s. 80P relief, the Tribunal allowed the deduction on that interest as well and dismissed the Revenue's appeal. en-us Fri, 03 May 2024 00:00:00 +0530 Wed, 31 Dec 2025 20:13:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465585 The dominant issue was eligibility of a registered co-operative credit society for deduction under s. 80P(2)(a)(i). Applying the governing interpretation that registration under the State co-operative law and carrying on business of providing credit facilities to members satisfies s. 80P(2)(a)(i), the Tribunal rejected the Revenue's objection and allowed the deduction on profits from member-credit activity. A further issue concerned whether interest earned on deposits placed with a co-operative bank constituted ineligible "income from other sources" disentitled to s. 80P relief. Following the prevailing view that such interest from a co-operative institution qualifies for s. 80P relief, the Tribunal allowed the deduction on that interest as well and dismissed the Revenue's appeal. Case-Laws Income Tax Fri, 03 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465585