https://www.taxtmi.com/caselaws?id=187094 A credit society that provides facilities only to its members is not treated as a co-operative bank unless it satisfies the statutory attributes of a primary co-operative bank under the Banking Regulation Act, including banking as its principal business, the prescribed share capital and reserves, and bye-laws excluding admission of another co-operative society as a member. On the recorded facts, the assessee was registered only as a co-operative society, not as a bank, and the authorities found no lending or credit activity to non-members. The Court found no perversity or misreading in those concurrent findings and held that no substantial question of law arose; the deduction under Section 80P(2)(a)(i) was therefore available. en-us Tue, 01 Dec 2015 00:00:00 +0530 Mon, 10 Oct 2016 12:00:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187094 A credit society that provides facilities only to its members is not treated as a co-operative bank unless it satisfies the statutory attributes of a primary co-operative bank under the Banking Regulation Act, including banking as its principal business, the prescribed share capital and reserves, and bye-laws excluding admission of another co-operative society as a member. On the recorded facts, the assessee was registered only as a co-operative society, not as a bank, and the authorities found no lending or credit activity to non-members. The Court found no perversity or misreading in those concurrent findings and held that no substantial question of law arose; the deduction under Section 80P(2)(a)(i) was therefore available. Case-Laws Income Tax Tue, 01 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187094