Section 80P deduction depends on whether a co-operative entity is really a co-operative bank, requiring bye-law verification.

Eligibility for deduction under section 80P turned on whether the assessee was in substance a co-operative bank, because section 80P(4) excludes co-operative banks other than the specified exceptions. Agricultural lending by itself was not enough to establish status as a primary agricultural credit society or to secure deduction under section 80P(2)(a)(i). As the relevant bye-laws and supporting factual particulars were not on record, the assessee's status could not be finally determined. The matter was therefore sent back for fresh examination, with the Assessing Officer directed to verify the bye-laws and factual position before deciding eligibility for deduction.

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Issues: Whether the assessee's claim for deduction under section 80P required fresh examination in light of its status as a primary agricultural credit society or co-operative bank and the need to verify its bye-laws.

Analysis: The assessee's lending profile did not establish it as a primary agricultural credit society for the purposes of section 80P, but agricultural lending by itself was not decisive for deduction under section 80P(2)(a)(i). The crucial question was whether the assessee was in substance a co-operative bank, particularly a primary co-operative bank, because section 80P(4) excludes co-operative banks other than the specified exceptions. That status depended on the assessee's bye-laws and related factual particulars, which were not available on record. In the absence of those materials, the issue could not be finally determined and required verification by the Assessing Officer.

Conclusion: The issue was sent back for fresh adjudication, with the Assessing Officer directed to decide the assessee's eligibility for deduction under section 80P after examining the relevant bye-laws and factual position.

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