https://www.taxtmi.com/caselaws?id=298104 Section 80P(4) withdraws deduction only where a co-operative society answers the statutory definition of a co-operative bank under the Banking Regulation Act, 1949. A society that fails any essential condition for a primary co-operative bank, including the bye-law restriction on admitting other co-operative societies as members, cannot be treated as a co-operative bank, so the deduction under section 80P(2)(a)(i) remains available. The text also notes that where the banking character of a society is disputed, the Banking Regulation Act assigns final determination to the Reserve Bank, and income-tax authorities cannot conclusively override that mechanism. On that basis, the assessee's deduction was treated as allowable. en-us Mon, 21 Sep 2015 00:00:00 +0530 Sun, 10 Oct 2021 16:28:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298104 Section 80P(4) withdraws deduction only where a co-operative society answers the statutory definition of a co-operative bank under the Banking Regulation Act, 1949. A society that fails any essential condition for a primary co-operative bank, including the bye-law restriction on admitting other co-operative societies as members, cannot be treated as a co-operative bank, so the deduction under section 80P(2)(a)(i) remains available. The text also notes that where the banking character of a society is disputed, the Banking Regulation Act assigns final determination to the Reserve Bank, and income-tax authorities cannot conclusively override that mechanism. On that basis, the assessee's deduction was treated as allowable. Case-Laws Income Tax Mon, 21 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298104