https://www.taxtmi.com/caselaws?id=195334 A co-operative credit society that provides credit only to its members is not treated as a co-operative bank for purposes of section 80P(4) of the Income-tax Act, 1961. The expression "co-operative bank" is confined to the categories recognised in Part V of the Banking Regulation Act, 1949, namely State co-operative banks, central co-operative banks and primary co-operative banks. A separate co-operative credit society does not fall within that statutory definition, and the rule of strict construction of taxing provisions prevents it from being brought within the exclusion merely because it lends to members. The society therefore remains eligible for deduction under section 80P(2)(a)(i). en-us Thu, 22 Nov 2012 00:00:00 +0530 Wed, 07 Mar 2018 10:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195334 A co-operative credit society that provides credit only to its members is not treated as a co-operative bank for purposes of section 80P(4) of the Income-tax Act, 1961. The expression "co-operative bank" is confined to the categories recognised in Part V of the Banking Regulation Act, 1949, namely State co-operative banks, central co-operative banks and primary co-operative banks. A separate co-operative credit society does not fall within that statutory definition, and the rule of strict construction of taxing provisions prevents it from being brought within the exclusion merely because it lends to members. The society therefore remains eligible for deduction under section 80P(2)(a)(i). Case-Laws Income Tax Thu, 22 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195334