https://www.taxtmi.com/caselaws?id=427401 Section 80P(2)(a)(i) remains available to a primary agricultural credit co-operative society where the entity provides credit facilities only to its members and is not shown to be a co-operative bank with an RBI banking licence. The exclusion in section 80P(4) applies to co-operative banks carrying on banking business, not to every co-operative society engaged in member credit transactions. Associate or nominal members treated as members under the governing co-operative law do not, by themselves, defeat the deduction. The Revenue's reliance on contrary precedent was distinguished on the ground that it involved dealings with third parties and banking-like features inconsistent with a genuine co-operative society. en-us Tue, 30 Aug 2022 00:00:00 +0530 Wed, 07 Sep 2022 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427401 Section 80P(2)(a)(i) remains available to a primary agricultural credit co-operative society where the entity provides credit facilities only to its members and is not shown to be a co-operative bank with an RBI banking licence. The exclusion in section 80P(4) applies to co-operative banks carrying on banking business, not to every co-operative society engaged in member credit transactions. Associate or nominal members treated as members under the governing co-operative law do not, by themselves, defeat the deduction. The Revenue's reliance on contrary precedent was distinguished on the ground that it involved dealings with third parties and banking-like features inconsistent with a genuine co-operative society. Case-Laws Income Tax Tue, 30 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427401