https://www.taxtmi.com/caselaws?id=252256 A co-operative society claiming status as a Primary Agricultural Credit Society sought deduction under section 80P(2)(a)(i), but the Tribunal treated it as a co-operative bank for section 80P(4) purposes because its activities were in substance banking activity, with lending confined to members and no banking licence. The Tribunal followed its earlier decision on identical facts and held that the exclusion in section 80P(4) applied, so the deduction claim failed. The alternative plea based on mutuality was also rejected because lending to members and profit distribution did not satisfy the mutuality requirements in the context of the society's operations. en-us Fri, 10 Oct 2014 00:00:00 +0530 Wed, 15 Oct 2014 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252256 A co-operative society claiming status as a Primary Agricultural Credit Society sought deduction under section 80P(2)(a)(i), but the Tribunal treated it as a co-operative bank for section 80P(4) purposes because its activities were in substance banking activity, with lending confined to members and no banking licence. The Tribunal followed its earlier decision on identical facts and held that the exclusion in section 80P(4) applied, so the deduction claim failed. The alternative plea based on mutuality was also rejected because lending to members and profit distribution did not satisfy the mutuality requirements in the context of the society's operations. Case-Laws Income Tax Fri, 10 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252256