https://www.taxtmi.com/caselaws?id=252367 A co-operative society carrying on banking or credit activity is excluded from section 80P(2)(a)(i) only if it qualifies as a co-operative bank under section 80P(4), which requires satisfaction of the statutory conditions of a primary co-operative bank under the Banking Regulation Act, 1949. On the stated facts, although deposits were accepted from members and non-members, the bye-laws allowed admission of other co-operative societies as members, so the third statutory condition was not cumulatively satisfied. The entity therefore could not be treated as a co-operative bank and remained entitled to deduction under section 80P(2)(a)(i). en-us Fri, 06 Jun 2014 00:00:00 +0530 Mon, 20 Oct 2014 06:27:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252367 A co-operative society carrying on banking or credit activity is excluded from section 80P(2)(a)(i) only if it qualifies as a co-operative bank under section 80P(4), which requires satisfaction of the statutory conditions of a primary co-operative bank under the Banking Regulation Act, 1949. On the stated facts, although deposits were accepted from members and non-members, the bye-laws allowed admission of other co-operative societies as members, so the third statutory condition was not cumulatively satisfied. The entity therefore could not be treated as a co-operative bank and remained entitled to deduction under section 80P(2)(a)(i). Case-Laws Income Tax Fri, 06 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252367