https://www.taxtmi.com/caselaws?id=298092 Section 80P(4) excludes only a co-operative bank, other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank; a co-operative society is not denied deduction merely because it accepts deposits and grants credit to its members. Applying the distinction between a co-operative bank and a co-operative society under the Banking Regulation Act, 1949, and the CBDT clarification relied on, the tribunal concluded that the assessee did not fall within the exclusion. The society therefore remained entitled to deduction under section 80P(2)(a)(i), and the revenue's challenge failed. en-us Fri, 26 Sep 2014 00:00:00 +0530 Sun, 10 Oct 2021 12:03:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298092 Section 80P(4) excludes only a co-operative bank, other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank; a co-operative society is not denied deduction merely because it accepts deposits and grants credit to its members. Applying the distinction between a co-operative bank and a co-operative society under the Banking Regulation Act, 1949, and the CBDT clarification relied on, the tribunal concluded that the assessee did not fall within the exclusion. The society therefore remained entitled to deduction under section 80P(2)(a)(i), and the revenue's challenge failed. Case-Laws Income Tax Fri, 26 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298092