https://www.taxtmi.com/caselaws?id=470727 Deduction under section 80P(2)(a)(i) extends to income from credit facilities provided to nominal or class C members validly recognised under the Karnataka co-operative law and admitted under the society's bye-laws. Their limited voting, management or profit-sharing rights do not make them non-members, and mutuality does not override statutory membership recognition. Interest and dividend from compulsory reserve, liquidity and refinance deposits, and temporary surplus funds deposited with a district co-operative bank, are attributable to the credit-facility business and qualify for deduction. The contrary position concerning investment-income deduction under section 80P(2)(d) does not apply where the claim is under section 80P(2)(a)(i). en-us Tue, 19 May 2026 00:00:00 +0530 Wed, 05 Aug 2026 23:29:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470727 Deduction under section 80P(2)(a)(i) extends to income from credit facilities provided to nominal or class C members validly recognised under the Karnataka co-operative law and admitted under the society's bye-laws. Their limited voting, management or profit-sharing rights do not make them non-members, and mutuality does not override statutory membership recognition. Interest and dividend from compulsory reserve, liquidity and refinance deposits, and temporary surplus funds deposited with a district co-operative bank, are attributable to the credit-facility business and qualify for deduction. The contrary position concerning investment-income deduction under section 80P(2)(d) does not apply where the claim is under section 80P(2)(a)(i). Case-Laws Income Tax Tue, 19 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470727