https://www.taxtmi.com/caselaws?id=330324 A primary agricultural credit society providing credit facilities to its members was treated as outside the exclusion in Section 80P(4) because it was not a co-operative bank. The distinction under Part V of the Banking Regulation Act, 1949 was applied: a primary co-operative bank is a co-operative society other than a primary agricultural credit society, so the statutory bar in Section 80P(4) is confined to co-operative banks. The society's bye-laws and activities showed member-based credit provision rather than banking character, and deduction under Section 80P(2) remained available. en-us Tue, 05 Jul 2016 00:00:00 +0530 Fri, 20 Jan 2017 18:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330324 A primary agricultural credit society providing credit facilities to its members was treated as outside the exclusion in Section 80P(4) because it was not a co-operative bank. The distinction under Part V of the Banking Regulation Act, 1949 was applied: a primary co-operative bank is a co-operative society other than a primary agricultural credit society, so the statutory bar in Section 80P(4) is confined to co-operative banks. The society's bye-laws and activities showed member-based credit provision rather than banking character, and deduction under Section 80P(2) remained available. Case-Laws Income Tax Tue, 05 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330324