https://www.taxtmi.com/caselaws?id=363949 Section 80P(4) withdraws the deduction only from a co-operative bank, not from a co-operative society merely because it lends to its members. Where the society has no banking licence, confines credit facilities to members, and does not satisfy the statutory conditions of a co-operative bank under the Banking Regulation Act, it remains eligible for deduction under section 80P(2)(a)(i). The concurrent finding that the assessees were not co-operative banks was not shown to be perverse, so the deduction was upheld and the Revenue's challenge failed. en-us Mon, 09 Jul 2018 00:00:00 +0530 Fri, 20 Jul 2018 08:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363949 Section 80P(4) withdraws the deduction only from a co-operative bank, not from a co-operative society merely because it lends to its members. Where the society has no banking licence, confines credit facilities to members, and does not satisfy the statutory conditions of a co-operative bank under the Banking Regulation Act, it remains eligible for deduction under section 80P(2)(a)(i). The concurrent finding that the assessees were not co-operative banks was not shown to be perverse, so the deduction was upheld and the Revenue's challenge failed. Case-Laws Income Tax Mon, 09 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363949