https://www.taxtmi.com/caselaws?id=788428 Eligibility for deduction under section 80P(2)(a)(i) turns on the character of income, not the society's name; where byelaws establish that a cooperative carries on lending to members, income from providing credit facilities qualifies for the deduction. The principle was applied to include amounts representing provisions debited to the profit and loss account as part of such income, and additions made by the assessing officer that denied the deduction were deleted, resulting in allowance of the deduction on the income determined in assessment. en-us Tue, 17 Mar 2026 00:00:00 +0530 Sat, 21 Mar 2026 08:29:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788428 Eligibility for deduction under section 80P(2)(a)(i) turns on the character of income, not the society's name; where byelaws establish that a cooperative carries on lending to members, income from providing credit facilities qualifies for the deduction. The principle was applied to include amounts representing provisions debited to the profit and loss account as part of such income, and additions made by the assessing officer that denied the deduction were deleted, resulting in allowance of the deduction on the income determined in assessment. Case-Laws Income Tax Tue, 17 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788428