https://www.taxtmi.com/caselaws?id=252216 A co-operative society engaged predominantly in banking activity, with deposit-taking and lending patterns showing only limited agricultural lending, was treated as a primary co-operative bank under the Banking Regulation Act definition. On that basis, it fell within the exclusion in section 80P(4) of the Income-tax Act and could not claim deduction under section 80P(2)(a)(i). The alternative plea of mutuality was also rejected because the income arose from banking business rather than activities qualifying for mutuality treatment. The deduction claim was therefore denied and the disallowance upheld. en-us Fri, 25 Jul 2014 00:00:00 +0530 Wed, 15 Oct 2014 06:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252216 A co-operative society engaged predominantly in banking activity, with deposit-taking and lending patterns showing only limited agricultural lending, was treated as a primary co-operative bank under the Banking Regulation Act definition. On that basis, it fell within the exclusion in section 80P(4) of the Income-tax Act and could not claim deduction under section 80P(2)(a)(i). The alternative plea of mutuality was also rejected because the income arose from banking business rather than activities qualifying for mutuality treatment. The deduction claim was therefore denied and the disallowance upheld. Case-Laws Income Tax Fri, 25 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252216