https://www.taxtmi.com/caselaws?id=798301 Deduction for a co-operative society providing credit facilities to members depends on the statutory conditions for Section 80P(2)(a)(i). A society not shown to be a co-operative bank, including through an RBI banking licence or other statutory conditions, is not excluded by Section 80P(4). General allegations of failed mutuality, nominal or non-member dealings, irregularities, or fund diversion cannot deny the deduction without identified year-specific transactions and attributable income. Further factual verification should not permit a roving enquiry where prior proceedings provided opportunity to produce evidence. A protective disallowance unsupported by proven nominal-member dealings does not itself establish failed mutuality. en-us Tue, 01 Sep 2026 00:00:00 +0530 Fri, 04 Sep 2026 08:24:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798301 Deduction for a co-operative society providing credit facilities to members depends on the statutory conditions for Section 80P(2)(a)(i). A society not shown to be a co-operative bank, including through an RBI banking licence or other statutory conditions, is not excluded by Section 80P(4). General allegations of failed mutuality, nominal or non-member dealings, irregularities, or fund diversion cannot deny the deduction without identified year-specific transactions and attributable income. Further factual verification should not permit a roving enquiry where prior proceedings provided opportunity to produce evidence. A protective disallowance unsupported by proven nominal-member dealings does not itself establish failed mutuality. Case-Laws Income Tax Tue, 01 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798301