https://www.taxtmi.com/caselaws?id=249520 A co-operative society is excluded from deduction only if it satisfies all conditions of a primary co-operative bank under section 5(ccv) of the Banking Regulation Act, including principal business as banking, minimum paid-up share capital and reserves, and bye-laws barring admission of other co-operative societies as members. On the facts, the society dealt only with members, did not accept deposits from non-members, and its bye-laws allowed other co-operative societies to become members, so it did not meet the statutory test. Section 80P(4) therefore did not apply, and the society remained eligible for deduction under section 80P(2)(a)(i) on income from banking or credit facilities to its members. en-us Fri, 04 Jul 2014 00:00:00 +0530 Wed, 16 Jul 2014 11:27:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249520 A co-operative society is excluded from deduction only if it satisfies all conditions of a primary co-operative bank under section 5(ccv) of the Banking Regulation Act, including principal business as banking, minimum paid-up share capital and reserves, and bye-laws barring admission of other co-operative societies as members. On the facts, the society dealt only with members, did not accept deposits from non-members, and its bye-laws allowed other co-operative societies to become members, so it did not meet the statutory test. Section 80P(4) therefore did not apply, and the society remained eligible for deduction under section 80P(2)(a)(i) on income from banking or credit facilities to its members. Case-Laws Income Tax Fri, 04 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249520