https://www.taxtmi.com/caselaws?id=332691 A co-operative society engaged only in providing credit facilities to its members is not a co-operative bank for purposes of Section 80P of the Income-tax Act. Banking under the Banking Regulation Act requires acceptance of deposits from the public for lending or investment, whereas a credit society confined to member deposits does not carry on banking business. On the facts found, the assessee accepted deposits only from members and did not deal with the public at large. It was therefore entitled to deduction under Section 80P, and the Revenue's challenge failed. en-us Tue, 06 Sep 2016 00:00:00 +0530 Fri, 23 Sep 2016 12:22:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332691 A co-operative society engaged only in providing credit facilities to its members is not a co-operative bank for purposes of Section 80P of the Income-tax Act. Banking under the Banking Regulation Act requires acceptance of deposits from the public for lending or investment, whereas a credit society confined to member deposits does not carry on banking business. On the facts found, the assessee accepted deposits only from members and did not deal with the public at large. It was therefore entitled to deduction under Section 80P, and the Revenue's challenge failed. Case-Laws Income Tax Tue, 06 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332691