https://www.taxtmi.com/caselaws?id=252368 A co-operative society is excluded from section 80P benefits under section 80P(4) only if it satisfies all conditions of a primary co-operative bank under the Banking Regulation Act, including that its bye-laws do not permit admission of another co-operative society as a member. Although the assessee accepted deposits and advanced loans, its bye-laws and the governing State law allowed other co-operative societies to become members, so the third statutory condition was not met. It was therefore not a primary co-operative bank, section 80P(4) did not apply, and income attributable to banking or credit facilities provided to its members remained eligible for deduction under section 80P(2)(a)(i). en-us Fri, 04 Jul 2014 00:00:00 +0530 Mon, 20 Oct 2014 06:27:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252368 A co-operative society is excluded from section 80P benefits under section 80P(4) only if it satisfies all conditions of a primary co-operative bank under the Banking Regulation Act, including that its bye-laws do not permit admission of another co-operative society as a member. Although the assessee accepted deposits and advanced loans, its bye-laws and the governing State law allowed other co-operative societies to become members, so the third statutory condition was not met. It was therefore not a primary co-operative bank, section 80P(4) did not apply, and income attributable to banking or credit facilities provided to its members 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=252368