https://www.taxtmi.com/caselaws?id=800007 Section 80P(2)(a)(i) permits deduction for profits attributable to providing credit facilities to members. The exclusion under section 80P(4) applies to a co-operative bank operating as a banking institution with an RBI licence, not to a credit co-operative society lending only to members without such licence. Member-credit income of such a society therefore remains eligible for deduction. For first appeals, sections 249(2) and 249(3) allow delayed filing on sufficient cause; a bona fide belief that appeal was unnecessary while demand remained in abeyance may support condonation where the delay confers no advantage. en-us Mon, 21 Sep 2026 00:00:00 +0530 Wed, 30 Sep 2026 08:41:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=800007 Section 80P(2)(a)(i) permits deduction for profits attributable to providing credit facilities to members. The exclusion under section 80P(4) applies to a co-operative bank operating as a banking institution with an RBI licence, not to a credit co-operative society lending only to members without such licence. Member-credit income of such a society therefore remains eligible for deduction. For first appeals, sections 249(2) and 249(3) allow delayed filing on sufficient cause; a bona fide belief that appeal was unnecessary while demand remained in abeyance may support condonation where the delay confers no advantage. Case-Laws Income Tax Mon, 21 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=800007