https://www.taxtmi.com/caselaws?id=178229 A co-operative society is denied deduction under section 80P(2)(a)(i) only if it falls within the exclusion for a co-operative bank under section 80P(4). A primary co-operative bank under the Banking Regulation Act must satisfy all statutory conditions, including that its bye-laws do not permit admission of any other co-operative society as a member. Although the society accepted deposits and lent funds and met the capital threshold, its bye-laws allowed admission of other co-operative societies, so it was not a primary co-operative bank. Section 80P(4) therefore did not apply and the deduction remained allowable. en-us Fri, 11 Apr 2014 00:00:00 +0530 Sat, 30 Jan 2016 15:28:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178229 A co-operative society is denied deduction under section 80P(2)(a)(i) only if it falls within the exclusion for a co-operative bank under section 80P(4). A primary co-operative bank under the Banking Regulation Act must satisfy all statutory conditions, including that its bye-laws do not permit admission of any other co-operative society as a member. Although the society accepted deposits and lent funds and met the capital threshold, its bye-laws allowed admission of other co-operative societies, so it was not a primary co-operative bank. Section 80P(4) therefore did not apply and the deduction remained allowable. Case-Laws Income Tax Fri, 11 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178229