https://www.taxtmi.com/caselaws?id=194883 A credit co-operative society that accepts deposits and extends credit only to its members is not treated as a co-operative bank for the purpose of section 80P(4) where it does not transact banking business with the public and its bye-laws do not authorise typical banking facilities. Applying the definition of banking in section 5(b) of the Banking Regulation Act, 1949, deposits and lending confined to members were held not to amount to banking activity. On that basis, the society remained eligible for deduction under section 80P(2)(a)(i) and section 80P(2)(d), and the deduction could not be denied. en-us Fri, 18 Nov 2016 00:00:00 +0530 Thu, 05 Oct 2017 09:32:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194883 A credit co-operative society that accepts deposits and extends credit only to its members is not treated as a co-operative bank for the purpose of section 80P(4) where it does not transact banking business with the public and its bye-laws do not authorise typical banking facilities. Applying the definition of banking in section 5(b) of the Banking Regulation Act, 1949, deposits and lending confined to members were held not to amount to banking activity. On that basis, the society remained eligible for deduction under section 80P(2)(a)(i) and section 80P(2)(d), and the deduction could not be denied. Case-Laws Income Tax Fri, 18 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194883