https://www.taxtmi.com/caselaws?id=252942 A co-operative society engaged in providing credit facilities to its members was held not to fall within the statutory meaning of a primary co-operative bank, because the Banking Regulation Act conditions for that status were not all satisfied; section 80P(4) therefore did not apply and deduction under section 80P(2)(a)(i) remained available. The audit-fee disallowance under section 43B was also found unsustainable, as audit fees did not constitute the kind of statutory liability covered by that provision, and the disallowance was deleted. The assessee accordingly succeeded on both substantive tax issues. en-us Fri, 08 Aug 2014 00:00:00 +0530 Sat, 08 Nov 2014 06:17:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252942 A co-operative society engaged in providing credit facilities to its members was held not to fall within the statutory meaning of a primary co-operative bank, because the Banking Regulation Act conditions for that status were not all satisfied; section 80P(4) therefore did not apply and deduction under section 80P(2)(a)(i) remained available. The audit-fee disallowance under section 43B was also found unsustainable, as audit fees did not constitute the kind of statutory liability covered by that provision, and the disallowance was deleted. The assessee accordingly succeeded on both substantive tax issues. Case-Laws Income Tax Fri, 08 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252942