https://www.taxtmi.com/caselaws?id=358211 A registered co-operative credit society was not treated as a co-operative bank because it did not satisfy the statutory definition under the Banking Regulation Act, had no RBI banking licence, and the record did not show that its principal business was banking; section 80P(4) therefore did not bar deduction under section 80P(2)(a)(i). Interest earned from deposits with banks did not qualify under section 80P(2)(d) because that provision applies only to interest or dividends from investments with another co-operative society, so that claim failed. The alternative claim under section 80P(2)(a)(i) was remanded for fresh adjudication by the appellate authority. en-us Wed, 04 Apr 2018 00:00:00 +0530 Sat, 07 Apr 2018 07:57:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358211 A registered co-operative credit society was not treated as a co-operative bank because it did not satisfy the statutory definition under the Banking Regulation Act, had no RBI banking licence, and the record did not show that its principal business was banking; section 80P(4) therefore did not bar deduction under section 80P(2)(a)(i). Interest earned from deposits with banks did not qualify under section 80P(2)(d) because that provision applies only to interest or dividends from investments with another co-operative society, so that claim failed. The alternative claim under section 80P(2)(a)(i) was remanded for fresh adjudication by the appellate authority. Case-Laws Income Tax Wed, 04 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358211