https://www.taxtmi.com/caselaws?id=468771 A co-operative society engaged in providing credit facilities to its members claimed deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. The dispute turned on whether its business income from member-based banking activity fell within the statutory field for deduction and whether the appellate authority was justified in sustaining the disallowance on the basis that eligibility had not been proved. The Tribunal noted that the income was assessed as business income and that the relevant activity was covered by section 80P(2)(a)(i); it also found that the appellate authority relied on considerations not material to the assessment record. On that reasoning, the disallowance was unsustainable and the deduction was allowed. en-us Wed, 05 Feb 2025 00:00:00 +0530 Wed, 20 May 2026 10:32:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468771 A co-operative society engaged in providing credit facilities to its members claimed deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. The dispute turned on whether its business income from member-based banking activity fell within the statutory field for deduction and whether the appellate authority was justified in sustaining the disallowance on the basis that eligibility had not been proved. The Tribunal noted that the income was assessed as business income and that the relevant activity was covered by section 80P(2)(a)(i); it also found that the appellate authority relied on considerations not material to the assessment record. On that reasoning, the disallowance was unsustainable and the deduction was allowed. Case-Laws Income Tax Wed, 05 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468771