https://www.taxtmi.com/caselaws?id=470778 A co-operative credit society whose membership was confined to specified employees qualified for deduction under section 80P(2)(a)(i) on surplus from credit facilities provided to members. Its bye-laws and records did not show nominal members, deposits from non-members, or lending to non-members; enrolment fees were received from members. As contributors and participators in the common fund were identical, the mutuality-distinguishing facts present in the revenue's cited precedent were absent. The deduction was also accepted in a later scrutiny assessment without changes in activities, membership, or bye-laws. en-us Wed, 26 Mar 2025 00:00:00 +0530 Fri, 07 Aug 2026 18:53:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470778 A co-operative credit society whose membership was confined to specified employees qualified for deduction under section 80P(2)(a)(i) on surplus from credit facilities provided to members. Its bye-laws and records did not show nominal members, deposits from non-members, or lending to non-members; enrolment fees were received from members. As contributors and participators in the common fund were identical, the mutuality-distinguishing facts present in the revenue's cited precedent were absent. The deduction was also accepted in a later scrutiny assessment without changes in activities, membership, or bye-laws. Case-Laws Income Tax Wed, 26 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470778