https://www.taxtmi.com/caselaws?id=383155 A co-operative credit society that provides credit facilities only to its members is not hit by the exclusion in section 80P(4) merely for that reason. The reasoning follows jurisdictional High Court authority and the CBDT circular, which make clear that section 80P(4) applies to co-operative banks, not to credit societies that do not fall within Part V of the Banking Regulation Act, 1949. On that basis, deduction under section 80P(2)(a)(i) remains available to such societies, and the exclusion cannot be used to deny the benefit. en-us Thu, 18 Apr 2019 00:00:00 +0530 Tue, 15 Oct 2019 16:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383155 A co-operative credit society that provides credit facilities only to its members is not hit by the exclusion in section 80P(4) merely for that reason. The reasoning follows jurisdictional High Court authority and the CBDT circular, which make clear that section 80P(4) applies to co-operative banks, not to credit societies that do not fall within Part V of the Banking Regulation Act, 1949. On that basis, deduction under section 80P(2)(a)(i) remains available to such societies, and the exclusion cannot be used to deny the benefit. Case-Laws Income Tax Thu, 18 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383155