https://www.taxtmi.com/caselaws?id=382686 A primary co-operative credit society that confined its activities to members was not treated as a co-operative bank for the exclusion in section 80P(4) of the Income-tax Act, 1961. The decisive test was whether it satisfied the cumulative statutory conditions of a co-operative bank under the Banking Regulation Act, 1949, including principal banking business and bye-laws restricting membership as required by law; on the accepted facts, those conditions were not met. The society was therefore entitled to deduction under section 80P(2)(a)(i), and the mere acceptance of deposits and granting of loans to members did not disentitle it to relief. en-us Mon, 01 Jul 2019 00:00:00 +0530 Tue, 09 Jul 2019 06:21:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382686 A primary co-operative credit society that confined its activities to members was not treated as a co-operative bank for the exclusion in section 80P(4) of the Income-tax Act, 1961. The decisive test was whether it satisfied the cumulative statutory conditions of a co-operative bank under the Banking Regulation Act, 1949, including principal banking business and bye-laws restricting membership as required by law; on the accepted facts, those conditions were not met. The society was therefore entitled to deduction under section 80P(2)(a)(i), and the mere acceptance of deposits and granting of loans to members did not disentitle it to relief. Case-Laws Income Tax Mon, 01 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382686