https://www.taxtmi.com/caselaws?id=802662 Section 80P(2)(a)(i) permits a co-operative society to deduct income attributable to its business of providing credit facilities to members. Dealings with nominal members do not disqualify the society from the deduction. Bank interest on members' funds is deductible as business income when attributable to the credit business, rather than assessable as income from other sources. This treatment is distinct from investments of retained sale proceeds constituting liabilities to members and from claims under section 80P(2)(d). The deduction also covers consequential increases in business income arising from disallowances. en-us Wed, 23 Sep 2026 00:00:00 +0530 Fri, 13 Nov 2026 08:45:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=802662 Section 80P(2)(a)(i) permits a co-operative society to deduct income attributable to its business of providing credit facilities to members. Dealings with nominal members do not disqualify the society from the deduction. Bank interest on members' funds is deductible as business income when attributable to the credit business, rather than assessable as income from other sources. This treatment is distinct from investments of retained sale proceeds constituting liabilities to members and from claims under section 80P(2)(d). The deduction also covers consequential increases in business income arising from disallowances. Case-Laws Income Tax Wed, 23 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=802662