https://www.taxtmi.com/caselaws?id=260648 Deduction under Section 80P(2)(a)(i) remains available to a co-operative society providing credit facilities to its members unless it satisfies all cumulative conditions of a co-operative bank under Section 80P(4) read with the Banking Regulation Act, 1949. The exclusion applies only where banking is the principal business and the bye-laws prohibit admission of another co-operative society as a member. On the stated facts, banking was not shown to be the principal business and the bye-laws lacked the required prohibition, so the entity was treated as a co-operative credit society. Limited dealings with non-members did not change that character, though income from non-member transactions was not covered. en-us Fri, 17 Apr 2015 00:00:00 +0530 Wed, 03 Jun 2026 17:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260648 Deduction under Section 80P(2)(a)(i) remains available to a co-operative society providing credit facilities to its members unless it satisfies all cumulative conditions of a co-operative bank under Section 80P(4) read with the Banking Regulation Act, 1949. The exclusion applies only where banking is the principal business and the bye-laws prohibit admission of another co-operative society as a member. On the stated facts, banking was not shown to be the principal business and the bye-laws lacked the required prohibition, so the entity was treated as a co-operative credit society. Limited dealings with non-members did not change that character, though income from non-member transactions was not covered. Case-Laws Income Tax Fri, 17 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260648