https://www.taxtmi.com/caselaws?id=274219 A members-only credit co-operative society that does not provide banking facilities to the public and whose bye-laws do not permit banking activity is not treated as a co-operative bank for section 80P(4) of the Income-tax Act, 1961. On those facts, the Tribunal held that the society remained outside the banking activities contemplated by the Banking Regulation Act, 1949, and therefore continued to qualify for deduction under section 80P(2)(a)(i). The Revenue's objection to the deduction failed because the society's restricted operations were distinguishable from a co-operative bank carrying on banking with the general public. en-us Fri, 20 Feb 2015 00:00:00 +0530 Fri, 03 Aug 2018 07:56:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274219 A members-only credit co-operative society that does not provide banking facilities to the public and whose bye-laws do not permit banking activity is not treated as a co-operative bank for section 80P(4) of the Income-tax Act, 1961. On those facts, the Tribunal held that the society remained outside the banking activities contemplated by the Banking Regulation Act, 1949, and therefore continued to qualify for deduction under section 80P(2)(a)(i). The Revenue's objection to the deduction failed because the society's restricted operations were distinguishable from a co-operative bank carrying on banking with the general public. Case-Laws Income Tax Fri, 20 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274219