https://www.taxtmi.com/caselaws?id=357252 A Regional Rural Bank carrying on banking business is excluded from deduction under section 80P by section 80P(4), which denies the benefit to co-operative banks except as specifically provided. The Circular No. 6/2010 was noted as clarifying that regional rural banks are not eligible for the deduction from assessment year 2007-08, and that the earlier Circular No. 319 had been withdrawn to that extent. The deeming provision treating such a bank as a co-operative society under the Regional Rural Bank Act does not override the statutory exclusion. Accordingly, the deduction under section 80P was not available. en-us Mon, 19 Mar 2018 00:00:00 +0530 Tue, 20 Mar 2018 08:46:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357252 A Regional Rural Bank carrying on banking business is excluded from deduction under section 80P by section 80P(4), which denies the benefit to co-operative banks except as specifically provided. The Circular No. 6/2010 was noted as clarifying that regional rural banks are not eligible for the deduction from assessment year 2007-08, and that the earlier Circular No. 319 had been withdrawn to that extent. The deeming provision treating such a bank as a co-operative society under the Regional Rural Bank Act does not override the statutory exclusion. Accordingly, the deduction under section 80P was not available. Case-Laws Income Tax Mon, 19 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357252