https://www.taxtmi.com/caselaws?id=407654 A co-operative credit society that accepts deposits and grants loans only to its members is not treated as a co-operative bank for section 80P purposes. Applying the definition of banking under section 5(b) of the Banking Regulation Act, the tribunal noted that dealings confined to members do not amount to banking with the public at large. The exclusion in section 80P(4) applies only to co-operative banks, and earlier binding decisions in the assessee's own case supported that position. Deduction under section 80P was therefore available, and the Revenue's challenge failed. en-us Mon, 01 Feb 2021 00:00:00 +0530 Mon, 17 May 2021 15:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407654 A co-operative credit society that accepts deposits and grants loans only to its members is not treated as a co-operative bank for section 80P purposes. Applying the definition of banking under section 5(b) of the Banking Regulation Act, the tribunal noted that dealings confined to members do not amount to banking with the public at large. The exclusion in section 80P(4) applies only to co-operative banks, and earlier binding decisions in the assessee's own case supported that position. Deduction under section 80P was therefore available, and the Revenue's challenge failed. Case-Laws Income Tax Mon, 01 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407654