https://www.taxtmi.com/caselaws?id=382216 A co-operative credit society that accepts deposits and extends credit only to its members is not treated as a co-operative bank merely on that basis, because the section 80P(4) exclusion applies only where the statutory requirements of a co-operative bank are met. Applying the distinction under the Banking Regulation Act, 1949, the assessee was found outside the exclusion and remained eligible for deduction under section 80P(2)(a)(i). The deduction was therefore upheld and the society's entitlement to tax relief as a member-based credit society was sustained. en-us Tue, 25 Jun 2019 00:00:00 +0530 Wed, 26 Jun 2019 23:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382216 A co-operative credit society that accepts deposits and extends credit only to its members is not treated as a co-operative bank merely on that basis, because the section 80P(4) exclusion applies only where the statutory requirements of a co-operative bank are met. Applying the distinction under the Banking Regulation Act, 1949, the assessee was found outside the exclusion and remained eligible for deduction under section 80P(2)(a)(i). The deduction was therefore upheld and the society's entitlement to tax relief as a member-based credit society was sustained. Case-Laws Income Tax Tue, 25 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382216