https://www.taxtmi.com/caselaws?id=267993 The Court upheld the Tribunal's decision that Section 80P(4) of the Income Tax Act applies only to co-operative banks and not to credit co-operative societies. The appellant's challenge regarding the grant of deduction under Section 80P(2)(a)(i) was dismissed, with the Court emphasizing the distinction between co-operative banks and societies based on regulatory definitions and activities. The judgment clarified that entities not exclusively engaged in banking business and lacking a banking license are considered co-operative societies eligible for Section 80P benefits, affirming the ruling in favor of the assessee against the revenue. en-us Fri, 27 Jun 2014 00:00:00 +0530 Thu, 25 Jun 2020 16:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267993 The Court upheld the Tribunal's decision that Section 80P(4) of the Income Tax Act applies only to co-operative banks and not to credit co-operative societies. The appellant's challenge regarding the grant of deduction under Section 80P(2)(a)(i) was dismissed, with the Court emphasizing the distinction between co-operative banks and societies based on regulatory definitions and activities. The judgment clarified that entities not exclusively engaged in banking business and lacking a banking license are considered co-operative societies eligible for Section 80P benefits, affirming the ruling in favor of the assessee against the revenue. Case-Laws Income Tax Fri, 27 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267993