https://www.taxtmi.com/caselaws?id=199087 A co-operative credit society that provides credit facilities only to its members is not a co-operative bank for section 80P(4) of the Income-tax Act, because the statutory distinction under section 56 of the Banking Regulation Act treats such societies separately from co-operative banks. As section 80P(4) excludes only co-operative banks, deduction under section 80P(2)(a)(i) remains available to a society engaged exclusively in lending to its members. The commentary also notes that the first appellate view was consistent with a coordinate bench decision in an identical matter. en-us Fri, 14 Dec 2012 00:00:00 +0530 Mon, 19 Feb 2018 18:54:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199087 A co-operative credit society that provides credit facilities only to its members is not a co-operative bank for section 80P(4) of the Income-tax Act, because the statutory distinction under section 56 of the Banking Regulation Act treats such societies separately from co-operative banks. As section 80P(4) excludes only co-operative banks, deduction under section 80P(2)(a)(i) remains available to a society engaged exclusively in lending to its members. The commentary also notes that the first appellate view was consistent with a coordinate bench decision in an identical matter. Case-Laws Income Tax Fri, 14 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199087