https://www.taxtmi.com/caselaws?id=419810 A Regional Rural Bank, treated as a cooperative society under the Regional Rural Banks Act, 1976, was held entitled to deduction under section 80P(2)(a)(i) of the Income-tax Act because the deeming provision and overriding effect of the earlier Act were not displaced by section 80P(4). The disallowance was therefore unsustainable. On penalty, a bona fide legal claim for deduction, without concealment of income or furnishing of inaccurate particulars, did not attract section 271(1)(c); the penalty was deleted. en-us Tue, 15 Mar 2022 00:00:00 +0530 Sat, 16 May 2026 10:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419810 A Regional Rural Bank, treated as a cooperative society under the Regional Rural Banks Act, 1976, was held entitled to deduction under section 80P(2)(a)(i) of the Income-tax Act because the deeming provision and overriding effect of the earlier Act were not displaced by section 80P(4). The disallowance was therefore unsustainable. On penalty, a bona fide legal claim for deduction, without concealment of income or furnishing of inaccurate particulars, did not attract section 271(1)(c); the penalty was deleted. Case-Laws Income Tax Tue, 15 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419810