https://www.taxtmi.com/caselaws?id=267992 The Karnataka High Court reiterated that Section 80P(4) of the Income-tax Act withdraws deduction only from co-operative banks carrying on banking business under the Banking Regulation Act, 1949, and not from a credit co-operative society governed by its bye-laws. It accepted that the legislative purpose of the provision was to exclude co-operative banks exclusively engaged in banking, while preserving the deduction for societies that provide credit facilities to their members. On that basis, lending activity to members continued to fall within Section 80P(2)(a)(i), and the society remained entitled to the deduction. en-us Fri, 27 Jun 2014 00:00:00 +0530 Wed, 18 Nov 2015 09:37:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267992 The Karnataka High Court reiterated that Section 80P(4) of the Income-tax Act withdraws deduction only from co-operative banks carrying on banking business under the Banking Regulation Act, 1949, and not from a credit co-operative society governed by its bye-laws. It accepted that the legislative purpose of the provision was to exclude co-operative banks exclusively engaged in banking, while preserving the deduction for societies that provide credit facilities to their members. On that basis, lending activity to members continued to fall within Section 80P(2)(a)(i), and the society remained entitled to the deduction. Case-Laws Income Tax Fri, 27 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267992