https://www.taxtmi.com/caselaws?id=251129 A co-operative society is excluded from deduction under section 80P(2)(a)(i) only if it falls within the section 80P(4) exclusion for a co-operative bank. To qualify as a primary co-operative bank under section 5(ccv) of the Banking Regulation Act, 1949, all three statutory conditions must be met: banking as the principal business, minimum paid-up share capital and reserves, and bye-laws that do not permit admission of other co-operative societies as members. Because the society's bye-laws allowed admission of other co-operative societies, it did not satisfy the full definition of a primary co-operative bank. It therefore remained outside section 80P(4) and continued to be eligible for deduction under section 80P(2)(a)(i). en-us Fri, 11 Apr 2014 00:00:00 +0530 Fri, 05 Sep 2014 06:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251129 A co-operative society is excluded from deduction under section 80P(2)(a)(i) only if it falls within the section 80P(4) exclusion for a co-operative bank. To qualify as a primary co-operative bank under section 5(ccv) of the Banking Regulation Act, 1949, all three statutory conditions must be met: banking as the principal business, minimum paid-up share capital and reserves, and bye-laws that do not permit admission of other co-operative societies as members. Because the society's bye-laws allowed admission of other co-operative societies, it did not satisfy the full definition of a primary co-operative bank. It therefore remained outside section 80P(4) and continued to be eligible for deduction under section 80P(2)(a)(i). Case-Laws Income Tax Fri, 11 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251129