https://www.taxtmi.com/caselaws?id=215434 A regional rural bank is not entitled to deduction under section 80P after insertion of section 80P(4) unless it falls within the specific statutory exceptions for primary agricultural credit societies or primary co-operative agricultural and rural development banks. The deeming fiction in section 22 of the Regional Rural Banks Act, 1976 is confined to its limited purpose and cannot override the express exclusion in section 80P(4). The amended provision, together with the CBDT clarification, indicates that the deduction is unavailable to regional rural banks from assessment year 2007-08 onwards, and reliance on a withdrawn circular does not change that position. en-us Mon, 18 Jun 2012 00:00:00 +0530 Sat, 04 Aug 2012 11:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215434 A regional rural bank is not entitled to deduction under section 80P after insertion of section 80P(4) unless it falls within the specific statutory exceptions for primary agricultural credit societies or primary co-operative agricultural and rural development banks. The deeming fiction in section 22 of the Regional Rural Banks Act, 1976 is confined to its limited purpose and cannot override the express exclusion in section 80P(4). The amended provision, together with the CBDT clarification, indicates that the deduction is unavailable to regional rural banks from assessment year 2007-08 onwards, and reliance on a withdrawn circular does not change that position. Case-Laws Income Tax Mon, 18 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215434