https://www.taxtmi.com/caselaws?id=244396 Section 80P(4) was confined to co-operative banks and did not extend to a credit co-operative society merely because it provided credit facilities to its members. The assessee was not shown to be a co-operative bank within the Banking Regulation Act, 1949, and the CBDT circular was read consistently with that limited exclusion. On that basis, the society continued to qualify for deduction under section 80P(2)(a)(i), reflecting the view that the legislative intent was to withdraw the benefit from co-operative banks, not from all member-based credit societies. en-us Fri, 07 Feb 2014 00:00:00 +0530 Thu, 20 Feb 2014 12:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244396 Section 80P(4) was confined to co-operative banks and did not extend to a credit co-operative society merely because it provided credit facilities to its members. The assessee was not shown to be a co-operative bank within the Banking Regulation Act, 1949, and the CBDT circular was read consistently with that limited exclusion. On that basis, the society continued to qualify for deduction under section 80P(2)(a)(i), reflecting the view that the legislative intent was to withdraw the benefit from co-operative banks, not from all member-based credit societies. Case-Laws Income Tax Fri, 07 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244396