https://www.taxtmi.com/caselaws?id=252288 Section 80P(4) excludes only a co-operative bank, not every co-operative society providing credit to its members. A primary co-operative bank must satisfy all statutory conditions under the Banking Regulation Act, including that its primary object is banking business; here, that condition was not met because activities were confined to members. The society therefore was not treated as a co-operative bank and remained eligible for deduction under section 80P(2)(a)(i). The commentary concludes that the broader exclusion in section 80P(4) cannot be used to deny the deduction where the society does not satisfy the full statutory test for a primary co-operative bank. en-us Fri, 22 Aug 2014 00:00:00 +0530 Fri, 17 Oct 2014 06:32:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252288 Section 80P(4) excludes only a co-operative bank, not every co-operative society providing credit to its members. A primary co-operative bank must satisfy all statutory conditions under the Banking Regulation Act, including that its primary object is banking business; here, that condition was not met because activities were confined to members. The society therefore was not treated as a co-operative bank and remained eligible for deduction under section 80P(2)(a)(i). The commentary concludes that the broader exclusion in section 80P(4) cannot be used to deny the deduction where the society does not satisfy the full statutory test for a primary co-operative bank. Case-Laws Income Tax Fri, 22 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252288