https://www.taxtmi.com/caselaws?id=257035 A co-operative credit society is excluded from deduction under section 80P(2)(a)(i) only if it falls within the statutory meaning of a co-operative bank under section 80P(4) and the Banking Regulation Act, 1949. The classification turns on cumulative statutory conditions, including banking business as the principal object, required paid-up share capital and reserves, and restrictive membership bye-laws. Where the society mainly provides credit facilities to members and the statutory criteria for a primary co-operative bank are not all satisfied, the exclusion does not apply. Mere banking-like activity or acceptance of deposits does not by itself bring the society within section 80P(4). en-us Wed, 11 Feb 2015 00:00:00 +0530 Tue, 24 Feb 2015 16:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257035 A co-operative credit society is excluded from deduction under section 80P(2)(a)(i) only if it falls within the statutory meaning of a co-operative bank under section 80P(4) and the Banking Regulation Act, 1949. The classification turns on cumulative statutory conditions, including banking business as the principal object, required paid-up share capital and reserves, and restrictive membership bye-laws. Where the society mainly provides credit facilities to members and the statutory criteria for a primary co-operative bank are not all satisfied, the exclusion does not apply. Mere banking-like activity or acceptance of deposits does not by itself bring the society within section 80P(4). Case-Laws Income Tax Wed, 11 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257035