https://www.taxtmi.com/caselaws?id=427031 A co-operative society confined to providing credit facilities to its members and associate members was entitled to deduction under section 80P(2)(a)(i) because it was not carrying on banking business under the Banking Regulation Act, had no RBI banking licence, and did not deal with the public at large. Section 80P(4) was held inapplicable because it excludes only co-operative banks functioning like commercial banks, not member-based credit societies. The presence of associate members did not by itself deny the deduction where the income arose from activities covered by the provision. en-us Wed, 17 Aug 2022 00:00:00 +0530 Tue, 30 Aug 2022 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427031 A co-operative society confined to providing credit facilities to its members and associate members was entitled to deduction under section 80P(2)(a)(i) because it was not carrying on banking business under the Banking Regulation Act, had no RBI banking licence, and did not deal with the public at large. Section 80P(4) was held inapplicable because it excludes only co-operative banks functioning like commercial banks, not member-based credit societies. The presence of associate members did not by itself deny the deduction where the income arose from activities covered by the provision. Case-Laws Income Tax Wed, 17 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427031