https://www.taxtmi.com/caselaws?id=336892 A co-operative credit society confined to accepting deposits and extending finance only to its members was not carrying on banking business within section 5(b) of the Banking Regulation Act, 1949, and therefore did not fall within the exclusion in section 80P(4). The provision applies to co-operative banks, not to every co-operative credit society. As the society did not satisfy the statutory definition of a co-operative bank under Part V of the Banking Regulation Act, the authorities cited by the Revenue were distinguished on facts, and deduction under section 80P(2)(a)(i) remained available. en-us Fri, 23 Dec 2016 00:00:00 +0530 Fri, 30 Dec 2016 17:25:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336892 A co-operative credit society confined to accepting deposits and extending finance only to its members was not carrying on banking business within section 5(b) of the Banking Regulation Act, 1949, and therefore did not fall within the exclusion in section 80P(4). The provision applies to co-operative banks, not to every co-operative credit society. As the society did not satisfy the statutory definition of a co-operative bank under Part V of the Banking Regulation Act, the authorities cited by the Revenue were distinguished on facts, and deduction under section 80P(2)(a)(i) remained available. Case-Laws Income Tax Fri, 23 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336892