https://www.taxtmi.com/caselaws?id=245194 Section 80P(2)(a)(i) grants deduction to a co-operative society engaged in banking or in providing credit facilities to its members, but section 80P(4) withdraws that benefit from a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank. A co-operative society is treated as a primary co-operative bank only if it satisfies all conditions in section 5(ccv) of the Banking Regulation Act, 1949, including that its primary object is banking and that its bye-laws do not permit admission of any other co-operative society as a member. The text notes that banking-like activity alone is insufficient; the bye-laws must be examined to determine whether the exclusion applies. en-us Fri, 14 Mar 2014 00:00:00 +0530 Sat, 22 Mar 2014 06:59:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245194 Section 80P(2)(a)(i) grants deduction to a co-operative society engaged in banking or in providing credit facilities to its members, but section 80P(4) withdraws that benefit from a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank. A co-operative society is treated as a primary co-operative bank only if it satisfies all conditions in section 5(ccv) of the Banking Regulation Act, 1949, including that its primary object is banking and that its bye-laws do not permit admission of any other co-operative society as a member. The text notes that banking-like activity alone is insufficient; the bye-laws must be examined to determine whether the exclusion applies. Case-Laws Income Tax Fri, 14 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245194