https://www.taxtmi.com/caselaws?id=304116 Section 80P(2)(a)(i) continues to protect co-operative societies engaged in banking or credit facilities to members, but section 80P(4) withdraws that deduction from a co-operative bank other than specified agricultural credit institutions. The decisive test was whether the assessee met the statutory definition of a primary co-operative bank under the Banking Regulation Act, 1949. Because it accepted deposits from members and non-members, used those funds for lending, had paid-up share capital and reserves above the statutory threshold, and its bye-laws did not permit admission of other co-operative societies as members, it satisfied all three conditions. The assessee was therefore treated as a primary co-operative bank and denied deduction. en-us Fri, 21 Mar 2014 00:00:00 +0530 Fri, 09 Sep 2022 07:02:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304116 Section 80P(2)(a)(i) continues to protect co-operative societies engaged in banking or credit facilities to members, but section 80P(4) withdraws that deduction from a co-operative bank other than specified agricultural credit institutions. The decisive test was whether the assessee met the statutory definition of a primary co-operative bank under the Banking Regulation Act, 1949. Because it accepted deposits from members and non-members, used those funds for lending, had paid-up share capital and reserves above the statutory threshold, and its bye-laws did not permit admission of other co-operative societies as members, it satisfied all three conditions. The assessee was therefore treated as a primary co-operative bank and denied deduction. Case-Laws Income Tax Fri, 21 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304116