https://www.taxtmi.com/caselaws?id=384942 Interest earned from deposits with a Regional Rural Bank qualified for exemption under Section 80P(2) because Section 22 of the Regional Rural Banks Act, 1976 deems such a bank to be a cooperative society for Income-tax Act purposes. That deeming fiction continues unless displaced by a clear non-obstante provision or express contrary mandate, and Section 80P(4), which restricts cooperative banks, did not alter the statutory character assigned to Regional Rural Banks. The assessee was therefore entitled to the exemption, and the revenue's challenge failed. en-us Tue, 13 Aug 2019 00:00:00 +0530 Mon, 26 Aug 2019 17:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384942 Interest earned from deposits with a Regional Rural Bank qualified for exemption under Section 80P(2) because Section 22 of the Regional Rural Banks Act, 1976 deems such a bank to be a cooperative society for Income-tax Act purposes. That deeming fiction continues unless displaced by a clear non-obstante provision or express contrary mandate, and Section 80P(4), which restricts cooperative banks, did not alter the statutory character assigned to Regional Rural Banks. The assessee was therefore entitled to the exemption, and the revenue's challenge failed. Case-Laws Income Tax Tue, 13 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384942