https://www.taxtmi.com/caselaws?id=267838 Section 80P(4) excludes only a co-operative bank, and a primary co-operative bank must satisfy all statutory conditions in Part V of the Banking Regulation Act, including restrictions in its bye-laws on membership. On the facts stated, the assessee did not meet those conditions and remained a co-operative society, so the deduction under Section 80P(2)(a)(i) was not barred. Where the Banking Regulation Act gives finality to the Reserve Bank's determination on the society's principal object or business, income-tax authorities cannot finally decide the disputed banking-status question themselves; their view is only tentative until that determination is made. en-us Mon, 21 Sep 2015 00:00:00 +0530 Sat, 14 Nov 2015 21:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267838 Section 80P(4) excludes only a co-operative bank, and a primary co-operative bank must satisfy all statutory conditions in Part V of the Banking Regulation Act, including restrictions in its bye-laws on membership. On the facts stated, the assessee did not meet those conditions and remained a co-operative society, so the deduction under Section 80P(2)(a)(i) was not barred. Where the Banking Regulation Act gives finality to the Reserve Bank's determination on the society's principal object or business, income-tax authorities cannot finally decide the disputed banking-status question themselves; their view is only tentative until that determination is made. Case-Laws Income Tax Mon, 21 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267838