https://www.taxtmi.com/caselaws?id=281757 A co-operative credit society was held entitled to deduction under section 80P(2)(a)(i) because it did not satisfy the cumulative statutory conditions for exclusion as a co-operative bank under section 80P(4). The analysis applied the Banking Regulation Act, 1949 test for a primary co-operative bank and found that the society's principal business was not banking, its dealings with non-members were insignificant, and its bye-laws did not prohibit admission of other co-operative societies as members. On those facts, the society was not treated as carrying on banking business and remained eligible for the deduction. en-us Fri, 11 Nov 2016 00:00:00 +0530 Sat, 06 Jul 2019 07:00:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281757 A co-operative credit society was held entitled to deduction under section 80P(2)(a)(i) because it did not satisfy the cumulative statutory conditions for exclusion as a co-operative bank under section 80P(4). The analysis applied the Banking Regulation Act, 1949 test for a primary co-operative bank and found that the society's principal business was not banking, its dealings with non-members were insignificant, and its bye-laws did not prohibit admission of other co-operative societies as members. On those facts, the society was not treated as carrying on banking business and remained eligible for the deduction. Case-Laws Income Tax Fri, 11 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281757