https://www.taxtmi.com/caselaws?id=177239 A co-operative society accepting deposits and advancing loans was treated as a primary co-operative bank because its principal business was banking, its paid-up share capital and reserves met the statutory threshold, and its bye-laws did not permit another co-operative society to become a member. On that basis, the exclusion in section 80P(4) applied, and the society could not claim deduction under section 80P(2)(a)(i). The decision turns on the statutory test for a primary co-operative bank and confirms that societies meeting those conditions are outside the deduction available to co-operative societies providing credit facilities to members. en-us Fri, 14 Mar 2014 00:00:00 +0530 Tue, 05 Jan 2016 22:32:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177239 A co-operative society accepting deposits and advancing loans was treated as a primary co-operative bank because its principal business was banking, its paid-up share capital and reserves met the statutory threshold, and its bye-laws did not permit another co-operative society to become a member. On that basis, the exclusion in section 80P(4) applied, and the society could not claim deduction under section 80P(2)(a)(i). The decision turns on the statutory test for a primary co-operative bank and confirms that societies meeting those conditions are outside the deduction available to co-operative societies providing credit facilities to members. Case-Laws Income Tax Fri, 14 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177239