https://www.taxtmi.com/caselaws?id=215500 A co-operative society that advances loans only to its members and does not accept deposits from the public is not carrying on banking business within section 5(b) of the Banking Regulation Act, 1949. Since its principal business was not banking and it did not satisfy the statutory conditions for a primary co-operative bank, it was not a co-operative bank for section 80P(4) of the Income-tax Act, 1961. Section 80P(4) therefore did not bar deduction, and deduction under section 80P(2)(a)(i) remained available. en-us Fri, 30 Mar 2012 00:00:00 +0530 Thu, 14 Aug 2025 17:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215500 A co-operative society that advances loans only to its members and does not accept deposits from the public is not carrying on banking business within section 5(b) of the Banking Regulation Act, 1949. Since its principal business was not banking and it did not satisfy the statutory conditions for a primary co-operative bank, it was not a co-operative bank for section 80P(4) of the Income-tax Act, 1961. Section 80P(4) therefore did not bar deduction, and deduction under section 80P(2)(a)(i) remained available. Case-Laws Income Tax Fri, 30 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215500