https://www.taxtmi.com/caselaws?id=254088 A co-operative society qualifies as a primary co-operative bank, and is excluded from deduction under section 80P(2)(a)(i), where its principal business is banking, its paid-up share capital and reserves satisfy the prescribed threshold, and its bye-laws do not bar admission of other co-operative societies as members. The analysis notes that acceptance of deposits from non-members, deployment of funds for lending and investment, and compliance with the statutory capital and membership criteria indicate primary co-operative bank status. On that basis, section 80P(4) applies and the deduction otherwise available to a co-operative society is not available. en-us Wed, 19 Nov 2014 00:00:00 +0530 Fri, 12 Dec 2014 09:14:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254088 A co-operative society qualifies as a primary co-operative bank, and is excluded from deduction under section 80P(2)(a)(i), where its principal business is banking, its paid-up share capital and reserves satisfy the prescribed threshold, and its bye-laws do not bar admission of other co-operative societies as members. The analysis notes that acceptance of deposits from non-members, deployment of funds for lending and investment, and compliance with the statutory capital and membership criteria indicate primary co-operative bank status. On that basis, section 80P(4) applies and the deduction otherwise available to a co-operative society is not available. Case-Laws Income Tax Wed, 19 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254088