https://www.taxtmi.com/caselaws?id=245997 A co-operative society satisfying the statutory attributes of a primary co-operative bank falls within section 80P(4) and is excluded from deduction under section 80P(2)(a)(i). Applying the Banking Regulation Act definitions, the tribunal tested whether the assessee's principal business was banking, whether its paid-up share capital and reserves crossed the prescribed limit, and whether its bye-laws barred admission of other co-operative societies as members. On the bye-laws and the admitted acceptance of deposits from non-members, all statutory conditions were met. Deduction under section 80P(2)(a)(i) was therefore not allowable, and the denial of relief was sustained. en-us Fri, 28 Mar 2014 00:00:00 +0530 Sun, 13 Apr 2014 21:17:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245997 A co-operative society satisfying the statutory attributes of a primary co-operative bank falls within section 80P(4) and is excluded from deduction under section 80P(2)(a)(i). Applying the Banking Regulation Act definitions, the tribunal tested whether the assessee's principal business was banking, whether its paid-up share capital and reserves crossed the prescribed limit, and whether its bye-laws barred admission of other co-operative societies as members. On the bye-laws and the admitted acceptance of deposits from non-members, all statutory conditions were met. Deduction under section 80P(2)(a)(i) was therefore not allowable, and the denial of relief was sustained. Case-Laws Income Tax Fri, 28 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245997