https://www.taxtmi.com/caselaws?id=245193 A co-operative society is not excluded from deduction under section 80P(2)(a)(i) merely because it carries on banking-like or credit activities with its members. The exclusion in section 80P(4) applies only where the entity is a co-operative bank that satisfies the statutory attributes of a primary co-operative bank under the Banking Regulation Act, including the primary object of banking business, prescribed share capital and reserves, and membership restrictions in the bye-laws. On the stated facts, the society did not meet all those conditions and therefore remained outside the section 80P(4) bar, with deduction under section 80P(2)(a)(i) continuing to be available. en-us Fri, 14 Mar 2014 00:00:00 +0530 Sat, 22 Mar 2014 06:58:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245193 A co-operative society is not excluded from deduction under section 80P(2)(a)(i) merely because it carries on banking-like or credit activities with its members. The exclusion in section 80P(4) applies only where the entity is a co-operative bank that satisfies the statutory attributes of a primary co-operative bank under the Banking Regulation Act, including the primary object of banking business, prescribed share capital and reserves, and membership restrictions in the bye-laws. On the stated facts, the society did not meet all those conditions and therefore remained outside the section 80P(4) bar, with deduction under section 80P(2)(a)(i) continuing to be available. Case-Laws Income Tax Fri, 14 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245193