https://www.taxtmi.com/caselaws?id=190883 A co-operative credit society was held entitled to deduction under section 80P(2)(a)(i) because section 80P(4) was treated as excluding only a co-operative bank carrying on banking business exclusively. The society's bye-laws allowed membership by persons competent to contract, which was read broadly enough to include a co-operative society, and it was not shown to hold a banking licence or to fall within the statutory meaning of a co-operative bank. On that basis, the deduction remained available for credit facilities provided to members, and the section 80P(4) bar did not apply. en-us Tue, 30 Jun 2015 00:00:00 +0530 Wed, 08 Mar 2017 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190883 A co-operative credit society was held entitled to deduction under section 80P(2)(a)(i) because section 80P(4) was treated as excluding only a co-operative bank carrying on banking business exclusively. The society's bye-laws allowed membership by persons competent to contract, which was read broadly enough to include a co-operative society, and it was not shown to hold a banking licence or to fall within the statutory meaning of a co-operative bank. On that basis, the deduction remained available for credit facilities provided to members, and the section 80P(4) bar did not apply. Case-Laws Income Tax Tue, 30 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190883