https://www.taxtmi.com/caselaws?id=345743 A co-operative society providing credit facilities only to its members does not lose deduction under section 80P(2)(a)(i) unless it falls within the statutory definition of a co-operative bank under the Banking Regulation Act, 1949. The analysis notes that "banking" under section 5(b) contemplates acceptance of deposits from the public, and that the definition of "primary co-operative bank" must be read in that context. Because the society dealt only with members and not the general public, and the material did not conclusively establish that its principal business was that of a co-operative bank, section 80P(4) was held inapplicable and the deduction was sustained. en-us Fri, 17 Feb 2017 00:00:00 +0530 Wed, 26 Jul 2017 08:15:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345743 A co-operative society providing credit facilities only to its members does not lose deduction under section 80P(2)(a)(i) unless it falls within the statutory definition of a co-operative bank under the Banking Regulation Act, 1949. The analysis notes that "banking" under section 5(b) contemplates acceptance of deposits from the public, and that the definition of "primary co-operative bank" must be read in that context. Because the society dealt only with members and not the general public, and the material did not conclusively establish that its principal business was that of a co-operative bank, section 80P(4) was held inapplicable and the deduction was sustained. Case-Laws Income Tax Fri, 17 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345743