https://www.taxtmi.com/caselaws?id=192364 Deduction under Section 80P(2)(a)(i) was held available to a co-operative society unless it is shown to be a co-operative bank within the statutory sense under Part V of the Banking Regulation Act, 1949; merely lending to members did not by itself justify denial under Section 80P(4). The Income-tax authorities were also held not competent to finally decide whether the assessee was a co-operative society or co-operative bank where the Banking Regulation Act assigns final determination of the relevant banking classification to the Reserve Bank of India. On that basis, the denial of deduction under Section 80P was set aside. en-us Mon, 21 Sep 2015 00:00:00 +0530 Sat, 27 May 2017 07:03:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192364 Deduction under Section 80P(2)(a)(i) was held available to a co-operative society unless it is shown to be a co-operative bank within the statutory sense under Part V of the Banking Regulation Act, 1949; merely lending to members did not by itself justify denial under Section 80P(4). The Income-tax authorities were also held not competent to finally decide whether the assessee was a co-operative society or co-operative bank where the Banking Regulation Act assigns final determination of the relevant banking classification to the Reserve Bank of India. On that basis, the denial of deduction under Section 80P was set aside. Case-Laws Income Tax Mon, 21 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192364