https://www.taxtmi.com/caselaws?id=280840 A co-operative society providing credit facilities to its members remains eligible for deduction under section 80P(2)(a)(i) unless it is shown to be a co-operative bank within section 80P(4) read with Part V of the Banking Regulation Act, 1949; on that reasoning, the deduction was held allowable. Where the Banking Regulation Act assigns final determination of whether the society is a co-operative bank to the Reserve Bank, income-tax authorities cannot conclusively decide that question for themselves and may only treat their view as tentative until the competent banking authority decides. The assessee therefore retained the section 80P deduction. en-us Mon, 21 Sep 2015 00:00:00 +0530 Thu, 23 May 2019 06:32:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280840 A co-operative society providing credit facilities to its members remains eligible for deduction under section 80P(2)(a)(i) unless it is shown to be a co-operative bank within section 80P(4) read with Part V of the Banking Regulation Act, 1949; on that reasoning, the deduction was held allowable. Where the Banking Regulation Act assigns final determination of whether the society is a co-operative bank to the Reserve Bank, income-tax authorities cannot conclusively decide that question for themselves and may only treat their view as tentative until the competent banking authority decides. The assessee therefore retained the section 80P deduction. Case-Laws Income Tax Mon, 21 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280840