https://www.taxtmi.com/caselaws?id=199041 Section 80P(2)(a)(i) allows deduction to a co-operative society engaged in banking or credit facilities to members, but section 80P(4) excludes a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank. The test was whether the society met the statutory definition of a primary co-operative bank under the Banking Regulation Act: its primary object had to be banking, its paid-up share capital and reserves had to meet the threshold, and its bye-laws could not permit admission of another co-operative society as a member. On the stated facts, the society accepted public deposits, met the capital requirement, and its bye-laws satisfied the membership condition, so it was treated as a primary co-operative bank and excluded from deduction. en-us Fri, 26 Sep 2014 00:00:00 +0530 Mon, 19 Feb 2018 08:33:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199041 Section 80P(2)(a)(i) allows deduction to a co-operative society engaged in banking or credit facilities to members, but section 80P(4) excludes a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank. The test was whether the society met the statutory definition of a primary co-operative bank under the Banking Regulation Act: its primary object had to be banking, its paid-up share capital and reserves had to meet the threshold, and its bye-laws could not permit admission of another co-operative society as a member. On the stated facts, the society accepted public deposits, met the capital requirement, and its bye-laws satisfied the membership condition, so it was treated as a primary co-operative bank and excluded from deduction. Case-Laws Income Tax Fri, 26 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199041