https://www.taxtmi.com/caselaws?id=304120 Section 80P(2)(a)(i) allows deduction to a co-operative society engaged in banking or credit facilities to members, but Section 80P(4) withdraws that benefit only where the entity is a co-operative bank within the Banking Regulation Act definition. The note states that a society does not lose the deduction merely because it advances credit to members, unless it is shown to fall within that statutory category. It also states that where the Banking Regulation Act reserves final determination of a disputed character to the Reserve Bank of India, the Income-tax authorities cannot conclusively decide for themselves whether the entity is a co-operative society or a co-operative bank. en-us Mon, 21 Sep 2015 00:00:00 +0530 Fri, 09 Sep 2022 07:02:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304120 Section 80P(2)(a)(i) allows deduction to a co-operative society engaged in banking or credit facilities to members, but Section 80P(4) withdraws that benefit only where the entity is a co-operative bank within the Banking Regulation Act definition. The note states that a society does not lose the deduction merely because it advances credit to members, unless it is shown to fall within that statutory category. It also states that where the Banking Regulation Act reserves final determination of a disputed character to the Reserve Bank of India, the Income-tax authorities cannot conclusively decide for themselves whether the entity is a co-operative society or a co-operative bank. Case-Laws Income Tax Mon, 21 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304120