https://www.taxtmi.com/caselaws?id=303073 An apex co-operative society providing credit facilities only to its member housing societies was treated as a co-operative credit society, not a co-operative bank. It did not accept deposits from the public, was not regulated as a bank by the RBI, and was not shown to be a state co-operative bank, central co-operative bank, or primary co-operative bank. As the statutory exclusion in section 80P(4) applies only to co-operative banks, it did not bar the deduction. The activity of lending credit to members therefore remained eligible under section 80P(2)(a)(i), and the Revenue's objection was rejected. en-us Thu, 20 Feb 2014 00:00:00 +0530 Sat, 02 Jul 2022 09:10:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303073 An apex co-operative society providing credit facilities only to its member housing societies was treated as a co-operative credit society, not a co-operative bank. It did not accept deposits from the public, was not regulated as a bank by the RBI, and was not shown to be a state co-operative bank, central co-operative bank, or primary co-operative bank. As the statutory exclusion in section 80P(4) applies only to co-operative banks, it did not bar the deduction. The activity of lending credit to members therefore remained eligible under section 80P(2)(a)(i), and the Revenue's objection was rejected. Case-Laws Income Tax Thu, 20 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303073