https://www.taxtmi.com/caselaws?id=470769 Deduction for credit facilities provided by a co-operative society may extend to nominal or associate members if they are valid members under the applicable State co-operative law and the society's bye-laws. The exclusion for co-operative banks applies only to licensed entities conducting banking business with the public. Interest or dividend from investments with co-operative societies may qualify for the specific deduction, subject to verification of the investment's nature and source. Where bank-interest income is assessed under income from other sources, permissible expenditure must be considered. The deduction and expense claims require factual verification under these principles. en-us Wed, 07 Aug 2024 00:00:00 +0530 Fri, 07 Aug 2026 17:40:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470769 Deduction for credit facilities provided by a co-operative society may extend to nominal or associate members if they are valid members under the applicable State co-operative law and the society's bye-laws. The exclusion for co-operative banks applies only to licensed entities conducting banking business with the public. Interest or dividend from investments with co-operative societies may qualify for the specific deduction, subject to verification of the investment's nature and source. Where bank-interest income is assessed under income from other sources, permissible expenditure must be considered. The deduction and expense claims require factual verification under these principles. Case-Laws Income Tax Wed, 07 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470769