https://www.taxtmi.com/caselaws?id=343424 A cooperative society confined to providing credit facilities to its members, without carrying on banking business with the public, remains eligible for deduction under section 80P(2)(a)(i) and is not excluded by section 80P(4). The decisive factors were that its activities were restricted to members, its bye-laws did not authorise general banking, and the Revenue failed to show banking business within the meaning of the Banking Regulation Act, 1949. On that basis, the society was treated as distinct from a cooperative bank, and the deduction was held allowable. en-us Mon, 08 May 2017 00:00:00 +0530 Thu, 25 May 2017 10:24:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343424 A cooperative society confined to providing credit facilities to its members, without carrying on banking business with the public, remains eligible for deduction under section 80P(2)(a)(i) and is not excluded by section 80P(4). The decisive factors were that its activities were restricted to members, its bye-laws did not authorise general banking, and the Revenue failed to show banking business within the meaning of the Banking Regulation Act, 1949. On that basis, the society was treated as distinct from a cooperative bank, and the deduction was held allowable. Case-Laws Income Tax Mon, 08 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343424