https://www.taxtmi.com/caselaws?id=267163 A co-operative credit society that accepted deposits from members and provided credit facilities only to members was treated as eligible for deduction under section 80P(2)(a)(i). The exclusion in section 80P(4) was applied as confined to co-operative banks, with the statutory meaning of "co-operative bank" under the Banking Regulation Act used to distinguish such banks from co-operative societies. As the entity was not shown to fall within the excluded category and did not operate as an exclusively banking co-operative bank, the deduction remained available. en-us Mon, 07 Sep 2015 00:00:00 +0530 Sat, 31 Oct 2015 09:41:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267163 A co-operative credit society that accepted deposits from members and provided credit facilities only to members was treated as eligible for deduction under section 80P(2)(a)(i). The exclusion in section 80P(4) was applied as confined to co-operative banks, with the statutory meaning of "co-operative bank" under the Banking Regulation Act used to distinguish such banks from co-operative societies. As the entity was not shown to fall within the excluded category and did not operate as an exclusively banking co-operative bank, the deduction remained available. Case-Laws Income Tax Mon, 07 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267163