https://www.taxtmi.com/caselaws?id=252364 A co-operative society is excluded from deduction under Section 80P(2)(a)(i) only if it cumulatively satisfies all three conditions of a primary co-operative bank under the Banking Regulation Act: banking as its principal business, paid-up share capital and reserves above the statutory minimum, and bye-laws that do not permit admission of another co-operative society as a member. The text explains that although the society accepted deposits from members and non-members and met the capital requirement, its bye-laws and the governing Souharda provisions allowed admission of other co-operative societies, so the third condition was not met. It therefore did not fall within Section 80P(4) and remained eligible for deduction under Section 80P(2)(a)(i). en-us Fri, 04 Jul 2014 00:00:00 +0530 Mon, 20 Oct 2014 08:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252364 A co-operative society is excluded from deduction under Section 80P(2)(a)(i) only if it cumulatively satisfies all three conditions of a primary co-operative bank under the Banking Regulation Act: banking as its principal business, paid-up share capital and reserves above the statutory minimum, and bye-laws that do not permit admission of another co-operative society as a member. The text explains that although the society accepted deposits from members and non-members and met the capital requirement, its bye-laws and the governing Souharda provisions allowed admission of other co-operative societies, so the third condition was not met. It therefore did not fall within Section 80P(4) and remained eligible for deduction under Section 80P(2)(a)(i). Case-Laws Income Tax Fri, 04 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252364