https://www.taxtmi.com/caselaws?id=255863 A co-operative society carrying on banking activity is excluded from deduction under section 80P(2)(a)(i) if it falls within the definition of a primary co-operative bank under section 5(ccv) of the Banking Regulation Act, 1949 and is therefore hit by section 80P(4). The applicable test requires that the principal business be banking, the paid-up share capital and reserves meet the statutory minimum, and the bye-laws do not permit admission of another co-operative society as a member. On the stated facts, acceptance of deposits from non-members and the governing bye-laws satisfied these conditions, so the assessee was treated as a primary co-operative bank and denied the deduction. en-us Wed, 19 Nov 2014 00:00:00 +0530 Wed, 28 Jan 2015 11:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255863 A co-operative society carrying on banking activity is excluded from deduction under section 80P(2)(a)(i) if it falls within the definition of a primary co-operative bank under section 5(ccv) of the Banking Regulation Act, 1949 and is therefore hit by section 80P(4). The applicable test requires that the principal business be banking, the paid-up share capital and reserves meet the statutory minimum, and the bye-laws do not permit admission of another co-operative society as a member. On the stated facts, acceptance of deposits from non-members and the governing bye-laws satisfied these conditions, so the assessee was treated as a primary co-operative bank and denied the deduction. Case-Laws Income Tax Wed, 19 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255863