https://www.taxtmi.com/caselaws?id=364657 A co-operative credit society is not automatically treated as a co-operative bank merely because it accepts deposits and lends to members; the absence of a banking licence, public-facing banking activity, or dealings with the general public weighed against section 80P(4) disqualification. However, the record also suggested the existence of nominal members, so the rights, role and entitlements of those members had to be verified to test whether mutuality was breached. The claim for deduction under section 80P therefore depended on limited factual verification before a merits decision could be made. en-us Tue, 31 Jul 2018 00:00:00 +0530 Wed, 01 Aug 2018 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364657 A co-operative credit society is not automatically treated as a co-operative bank merely because it accepts deposits and lends to members; the absence of a banking licence, public-facing banking activity, or dealings with the general public weighed against section 80P(4) disqualification. However, the record also suggested the existence of nominal members, so the rights, role and entitlements of those members had to be verified to test whether mutuality was breached. The claim for deduction under section 80P therefore depended on limited factual verification before a merits decision could be made. Case-Laws Income Tax Tue, 31 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364657