https://www.taxtmi.com/caselaws?id=176837 The High Court of Karnataka upheld the Tribunal's decision that sub-section (4) of Section 80P of the Income Tax Act applies only to co-operative banks and not credit co-operative societies. The Court clarified that co-operative banks exclusively engaged in banking activities are not eligible for deduction under Section 80P, emphasizing the distinction between co-operative banks and societies based on their primary activities and licensing by the Reserve Bank of India. The judgment ruled in favor of the assessee, ensuring that benefits under Section 80P are appropriately applied based on the nature of the entity's operations. en-us Fri, 27 Jun 2014 00:00:00 +0530 Wed, 30 Dec 2015 09:54:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176837 The High Court of Karnataka upheld the Tribunal's decision that sub-section (4) of Section 80P of the Income Tax Act applies only to co-operative banks and not credit co-operative societies. The Court clarified that co-operative banks exclusively engaged in banking activities are not eligible for deduction under Section 80P, emphasizing the distinction between co-operative banks and societies based on their primary activities and licensing by the Reserve Bank of India. The judgment ruled in favor of the assessee, ensuring that benefits under Section 80P are appropriately applied based on the nature of the entity's operations. Case-Laws Income Tax Fri, 27 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176837