https://www.taxtmi.com/caselaws?id=214092 Section 80P(4) excludes co-operative banks from deduction under section 80P, and a society cannot claim the benefit merely by describing itself as engaged only in lending or by denying acceptance of public deposits. To fall within the statutory exception, it must affirmatively prove that it is a primary agricultural credit society or a primary co-operative agricultural and rural development bank. On the material discussed, the claim to be a primary co-operative agricultural and rural development bank was rejected because the area of operation and principal object were not shown to satisfy the definition, while the question whether it was a primary agricultural credit society required fresh factual verification and was remanded. en-us Fri, 23 Mar 2012 00:00:00 +0530 Fri, 15 Jun 2012 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214092 Section 80P(4) excludes co-operative banks from deduction under section 80P, and a society cannot claim the benefit merely by describing itself as engaged only in lending or by denying acceptance of public deposits. To fall within the statutory exception, it must affirmatively prove that it is a primary agricultural credit society or a primary co-operative agricultural and rural development bank. On the material discussed, the claim to be a primary co-operative agricultural and rural development bank was rejected because the area of operation and principal object were not shown to satisfy the definition, while the question whether it was a primary agricultural credit society required fresh factual verification and was remanded. Case-Laws Income Tax Fri, 23 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214092