https://www.taxtmi.com/caselaws?id=197150 A co-operative credit society is not excluded from deduction under section 80P unless it satisfies the cumulative statutory conditions of a co-operative bank under the Banking Regulation Act, 1949, including banking as its primary business, prescribed capital and reserve requirements, and bye-laws barring admission of another co-operative society as a member. Because those conditions were not met and dealings with non-members were insignificant, the society was not treated as a co-operative bank and retained deduction under section 80P(2)(a)(i). The separate disallowance under section 40(a)(ia) was also deleted, as the tax deduction premise applied by the Assessing Officer was not sustained and the deletion was upheld. en-us Wed, 02 Mar 2016 00:00:00 +0530 Thu, 28 Dec 2017 18:04:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197150 A co-operative credit society is not excluded from deduction under section 80P unless it satisfies the cumulative statutory conditions of a co-operative bank under the Banking Regulation Act, 1949, including banking as its primary business, prescribed capital and reserve requirements, and bye-laws barring admission of another co-operative society as a member. Because those conditions were not met and dealings with non-members were insignificant, the society was not treated as a co-operative bank and retained deduction under section 80P(2)(a)(i). The separate disallowance under section 40(a)(ia) was also deleted, as the tax deduction premise applied by the Assessing Officer was not sustained and the deletion was upheld. Case-Laws Income Tax Wed, 02 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197150