https://www.taxtmi.com/caselaws?id=405334 Section 80P remains a beneficial deduction provision and is to be construed liberally in favour of a co-operative credit society. Section 80P(4) excludes only a co-operative bank, and a credit society does not fall within that exclusion unless it satisfies the statutory conditions of a co-operative bank under the Banking Regulation Act; the absence of an RBI banking licence is material in determining that status. Interest earned from deposits with co-operative banks is also treated as deductible under section 80P(2)(d) on the stated reasoning. On this analysis, the assessee was not hit by section 80P(4) and the deduction was allowable. en-us Thu, 11 Mar 2021 00:00:00 +0530 Thu, 18 Mar 2021 09:31:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405334 Section 80P remains a beneficial deduction provision and is to be construed liberally in favour of a co-operative credit society. Section 80P(4) excludes only a co-operative bank, and a credit society does not fall within that exclusion unless it satisfies the statutory conditions of a co-operative bank under the Banking Regulation Act; the absence of an RBI banking licence is material in determining that status. Interest earned from deposits with co-operative banks is also treated as deductible under section 80P(2)(d) on the stated reasoning. On this analysis, the assessee was not hit by section 80P(4) and the deduction was allowable. Case-Laws Income Tax Thu, 11 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405334