https://www.taxtmi.com/caselaws?id=285334 A co-operative credit society is not automatically excluded by section 80P(4) unless it satisfies the statutory definition of a co-operative bank under the Banking Regulation Act, 1949. The Tribunal noted that a primary co-operative bank must meet the legal requirements relating to banking business, capital and membership restrictions, and found no material showing that the assessee did so. Because taxing provisions must be strictly construed, the exclusion could not be extended by implication. The society therefore remained entitled to deduction under section 80P(2)(a)(i). en-us Fri, 14 Sep 2012 00:00:00 +0530 Sat, 18 Mar 2023 10:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285334 A co-operative credit society is not automatically excluded by section 80P(4) unless it satisfies the statutory definition of a co-operative bank under the Banking Regulation Act, 1949. The Tribunal noted that a primary co-operative bank must meet the legal requirements relating to banking business, capital and membership restrictions, and found no material showing that the assessee did so. Because taxing provisions must be strictly construed, the exclusion could not be extended by implication. The society therefore remained entitled to deduction under section 80P(2)(a)(i). Case-Laws Income Tax Fri, 14 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285334