https://www.taxtmi.com/caselaws?id=281815 A co-operative credit society engaged in accepting deposits and giving credit only to its members remains eligible for deduction under section 80P(2)(a)(i) unless it satisfies all statutory conditions of a primary co-operative bank under the Banking Regulation Act, 1949. The decisive test is cumulative: the principal business must be banking, the prescribed share capital and reserves condition must be met, and the bye-laws must prohibit admission of other co-operative societies as members. As those conditions were not established and no RBI banking licence existed, section 80P(4) did not apply and the deduction was allowable. en-us Wed, 31 Oct 2018 00:00:00 +0530 Sun, 07 Jul 2019 09:54:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281815 A co-operative credit society engaged in accepting deposits and giving credit only to its members remains eligible for deduction under section 80P(2)(a)(i) unless it satisfies all statutory conditions of a primary co-operative bank under the Banking Regulation Act, 1949. The decisive test is cumulative: the principal business must be banking, the prescribed share capital and reserves condition must be met, and the bye-laws must prohibit admission of other co-operative societies as members. As those conditions were not established and no RBI banking licence existed, section 80P(4) did not apply and the deduction was allowable. Case-Laws Income Tax Wed, 31 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281815