https://www.taxtmi.com/caselaws?id=327710 A co-operative society is excluded from deduction under Section 80P only if it satisfies the cumulative conditions of a primary co-operative bank under the Banking Regulation Act, including principal business as banking, prescribed capital and reserves, and a bye-law barring admission of other co-operative societies as members. Incidental receipt of deposits from non-members does not by itself establish banking as the principal business, and bye-laws permitting deposits from members do not amount to authorisation to accept public deposits. On the facts noted, the society did not meet the statutory tests and remained entitled to deduction under Section 80P(2)(a)(i). en-us Tue, 08 Mar 2016 00:00:00 +0530 Tue, 17 May 2016 22:57:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327710 A co-operative society is excluded from deduction under Section 80P only if it satisfies the cumulative conditions of a primary co-operative bank under the Banking Regulation Act, including principal business as banking, prescribed capital and reserves, and a bye-law barring admission of other co-operative societies as members. Incidental receipt of deposits from non-members does not by itself establish banking as the principal business, and bye-laws permitting deposits from members do not amount to authorisation to accept public deposits. On the facts noted, the society did not meet the statutory tests and remained entitled to deduction under Section 80P(2)(a)(i). Case-Laws Income Tax Tue, 08 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327710