https://www.taxtmi.com/caselaws?id=425659 Section 80P(4) excludes only co-operative banks functioning at par with commercial banks, while a co-operative society providing credit facilities to its members can still claim deduction under section 80P(2)(a)(i). The absence of an RBI banking licence is a material indicator that the entity is not a co-operative bank. The provision is to be construed liberally in favour of the assessee, and once the society is outside section 80P(4), deduction cannot be denied merely because it advances credit to members. The note concludes that the deduction under section 80P(2)(a)(i) is allowable. en-us Tue, 26 Jul 2022 00:00:00 +0530 Thu, 28 Jul 2022 09:13:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425659 Section 80P(4) excludes only co-operative banks functioning at par with commercial banks, while a co-operative society providing credit facilities to its members can still claim deduction under section 80P(2)(a)(i). The absence of an RBI banking licence is a material indicator that the entity is not a co-operative bank. The provision is to be construed liberally in favour of the assessee, and once the society is outside section 80P(4), deduction cannot be denied merely because it advances credit to members. The note concludes that the deduction under section 80P(2)(a)(i) is allowable. Case-Laws Income Tax Tue, 26 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425659