Eligibility for S. 80P Deduction Depends on Primary Business of Cooperative Society, Not Incidental Dealings with Non-Members: ITAT

The ITAT has ruled that "eligibility for Section 80P deduction depends on the primary business of a cooperative society, not incidental dealings with non-members." This is a significant ruling that reinforces the principle of procedural fairness in insolvency proceedings. The court's decision, which is a significant victory for the government, was made on the grounds that the company's claim was not supported by evidence. The ruling clarifies that a company can be held responsible for the misdeeds of another person. The court's decision is a crucial reminder to all that they must be diligent in their dealings.