https://www.taxtmi.com/caselaws?id=250810 Section 80P deduction remained available because the assessee did not satisfy the statutory test of a primary co-operative bank under section 5(ccv) of the Banking Regulation Act, 1949. Although its paid-up share capital and reserves met the threshold, the assessee accepted deposits only from members, so its principal business was not shown to be banking in the required sense, and its bye-laws did not establish the third condition that would exclude admission of other co-operative societies as members. It therefore was not covered by section 80P(4) and continued to qualify as a co-operative society entitled to deduction under section 80P(2)(a)(i). en-us Thu, 14 Aug 2014 00:00:00 +0530 Tue, 26 Aug 2014 17:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250810 Section 80P deduction remained available because the assessee did not satisfy the statutory test of a primary co-operative bank under section 5(ccv) of the Banking Regulation Act, 1949. Although its paid-up share capital and reserves met the threshold, the assessee accepted deposits only from members, so its principal business was not shown to be banking in the required sense, and its bye-laws did not establish the third condition that would exclude admission of other co-operative societies as members. It therefore was not covered by section 80P(4) and continued to qualify as a co-operative society entitled to deduction under section 80P(2)(a)(i). Case-Laws Income Tax Thu, 14 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250810