https://www.taxtmi.com/caselaws?id=193516 The court ruled in favor of the assessee, holding that co-operative banks exclusively engaged in banking business are not entitled to deductions under section 80P(2)(a)(i) of the Income-tax Act, 1961. The judgment emphasized the distinction between co-operative banks and societies based on their business activities and registration status. Entities solely conducting banking operations are taxable and not eligible for the deduction, while co-operative societies providing credit facilities to members qualify for the benefit. The appeal was dismissed, confirming that co-operative banks focused on banking activities do not fall within the scope of section 80P(2)(a)(i). en-us Tue, 28 Jun 2016 00:00:00 +0530 Thu, 03 Aug 2017 07:15:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193516 The court ruled in favor of the assessee, holding that co-operative banks exclusively engaged in banking business are not entitled to deductions under section 80P(2)(a)(i) of the Income-tax Act, 1961. The judgment emphasized the distinction between co-operative banks and societies based on their business activities and registration status. Entities solely conducting banking operations are taxable and not eligible for the deduction, while co-operative societies providing credit facilities to members qualify for the benefit. The appeal was dismissed, confirming that co-operative banks focused on banking activities do not fall within the scope of section 80P(2)(a)(i). Case-Laws Income Tax Tue, 28 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193516