https://www.taxtmi.com/caselaws?id=274042 A co-operative society that provides credit facilities only to its members, and does not hold an RBI banking licence, is not treated as a co-operative bank for the purpose of section 80P(4) of the Income-tax Act, 1961. The provision withdraws the deduction only from co-operative banks, while section 80P(2)(a)(i) continues to allow deduction to a co-operative society engaged in providing credit facilities to members. Applying this distinction, the Tribunal noted that the societies were registered as co-operative societies and were not carrying on banking business in the statutory sense, so section 80P(4) did not apply and deduction under section 80P(2)(a)(i) remained available. en-us Wed, 15 Jul 2015 00:00:00 +0530 Thu, 26 Jul 2018 08:50:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274042 A co-operative society that provides credit facilities only to its members, and does not hold an RBI banking licence, is not treated as a co-operative bank for the purpose of section 80P(4) of the Income-tax Act, 1961. The provision withdraws the deduction only from co-operative banks, while section 80P(2)(a)(i) continues to allow deduction to a co-operative society engaged in providing credit facilities to members. Applying this distinction, the Tribunal noted that the societies were registered as co-operative societies and were not carrying on banking business in the statutory sense, so section 80P(4) did not apply and deduction under section 80P(2)(a)(i) remained available. Case-Laws Income Tax Wed, 15 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274042