https://www.taxtmi.com/caselaws?id=304120 Section 80P(2)(a)(i) allows a co-operative society engaged in banking or providing credit facilities to members to claim deduction, while Section 80P(4) excludes co-operative banks except specified entities. A society does not lose the deduction merely by providing credit facilities to members; exclusion requires that it fall within the statutory definition of a co-operative bank under Part V of the Banking Regulation Act. Where the society's primary object or principal business is disputed, the Banking Regulation Act treats the Reserve Bank's determination as final. Income-tax authorities cannot conclusively classify the society as a co-operative bank for denying the deduction. 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 a co-operative society engaged in banking or providing credit facilities to members to claim deduction, while Section 80P(4) excludes co-operative banks except specified entities. A society does not lose the deduction merely by providing credit facilities to members; exclusion requires that it fall within the statutory definition of a co-operative bank under Part V of the Banking Regulation Act. Where the society's primary object or principal business is disputed, the Banking Regulation Act treats the Reserve Bank's determination as final. Income-tax authorities cannot conclusively classify the society as a co-operative bank for denying the deduction. Case-Laws Income Tax Mon, 21 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304120