https://www.taxtmi.com/caselaws?id=469782 A member-based co-operative credit society, carrying on business only with its members and without a banking licence, is not hit by section 80P(4); the provision is directed at co-operative banks functioning like commercial banks, so deduction under section 80P(2)(a)(i) remains available. Interest earned by a co-operative society from deposits or investments with co-operative banks is also deductible under section 80P(2)(d), because a co-operative bank is treated as a co-operative society for that purpose and section 80P(4) does not defeat the claim. On this basis, both deductions were directed to be allowed and the related interest and penalty grounds became academic. en-us Mon, 10 Mar 2025 00:00:00 +0530 Fri, 03 Jul 2026 19:00:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469782 A member-based co-operative credit society, carrying on business only with its members and without a banking licence, is not hit by section 80P(4); the provision is directed at co-operative banks functioning like commercial banks, so deduction under section 80P(2)(a)(i) remains available. Interest earned by a co-operative society from deposits or investments with co-operative banks is also deductible under section 80P(2)(d), because a co-operative bank is treated as a co-operative society for that purpose and section 80P(4) does not defeat the claim. On this basis, both deductions were directed to be allowed and the related interest and penalty grounds became academic. Case-Laws Income Tax Mon, 10 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469782