https://www.taxtmi.com/caselaws?id=470350 A credit co-operative society without an RBI banking licence is not treated as a co-operative bank for the relevant deduction, so income from credit facilities provided to members remains eligible even if it accepts deposits from non-members; income from loans to non-members is excluded. Interest earned on deposits with co-operative banks also qualifies because such banks remain co-operative societies for the depositor society's deduction. Interest paid on repayable share capital is allowable, as the capital is akin to borrowed funds and the payment reduces interest income from members. The first appellate authority's deductions and allowance were sustained. en-us Wed, 30 Apr 2025 00:00:00 +0530 Thu, 23 Jul 2026 20:51:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470350 A credit co-operative society without an RBI banking licence is not treated as a co-operative bank for the relevant deduction, so income from credit facilities provided to members remains eligible even if it accepts deposits from non-members; income from loans to non-members is excluded. Interest earned on deposits with co-operative banks also qualifies because such banks remain co-operative societies for the depositor society's deduction. Interest paid on repayable share capital is allowable, as the capital is akin to borrowed funds and the payment reduces interest income from members. The first appellate authority's deductions and allowance were sustained. Case-Laws Income Tax Wed, 30 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470350